When you put your money into a bank or spend money on a credit card, you earn interest and rewards on those dollars as an incentive to use that bank's services.
Likewise, Crypto companies should be able to continue to offer competitive rewards programs, incentives, and bonuses!
That's a crucial part of the bipartisan GENIUS Act signed into law by President Trump and also the CLARITY Act that BIG banks are trying to stop - despite the CLARITY Act already passing the House. Thread 🧵
Likewise, Crypto companies should be able to continue to offer competitive rewards programs, incentives, and bonuses!
That's a crucial part of the bipartisan GENIUS Act signed into law by President Trump and also the CLARITY Act that BIG banks are trying to stop - despite the CLARITY Act already passing the House. Thread 🧵
Big banks are lobbying Senators for a ridiculous anti-competitive provision that could destroy the stablecoin market.
We have just issued a letter with key partners to the Senate Committee on Banking, Housing, and Urban Affairs calling for a clean market structure with NO LIMITS on rewards, rebates, or other competitive features of stablecoin-based payment systems.
We have just issued a letter with key partners to the Senate Committee on Banking, Housing, and Urban Affairs calling for a clean market structure with NO LIMITS on rewards, rebates, or other competitive features of stablecoin-based payment systems.
Instead of toeing the line of anti-competitive banks, the Senate should instead advance a framework that:
1. Promotes competition and innovation. Allow new payment technologies, including stablecoins, to compete on their merits rather than face preemptive bans or restrictions.
2. Protects consumer choice. Preserve Americans’ ability to earn and use rewards, rebates, and loyalty incentives — the tangible value that competition creates.
3. Prevents regulatory capture. Ensure that the market structure framework cannot be used to shield incumbents from competition or to erect new barriers to entry.
4. Respects free enterprise. Avoid expanding federal control over private transactions or imposing restrictions that amount to price controls by another name.
1. Promotes competition and innovation. Allow new payment technologies, including stablecoins, to compete on their merits rather than face preemptive bans or restrictions.
2. Protects consumer choice. Preserve Americans’ ability to earn and use rewards, rebates, and loyalty incentives — the tangible value that competition creates.
3. Prevents regulatory capture. Ensure that the market structure framework cannot be used to shield incumbents from competition or to erect new barriers to entry.
4. Respects free enterprise. Avoid expanding federal control over private transactions or imposing restrictions that amount to price controls by another name.
It is critical that a mark-up and final passage of a market structure bill protect consumer choice, competition, and innovation while avoiding unnecessary restrictions that would deprive Americans of value, limit free enterprise, or harm competition.
All of that is ready to go in the CLARITY Act. And the Senate should move swiftly to pass it. Read our full letter here: clubforgrowth.org/wp-content/upl…
All of that is ready to go in the CLARITY Act. And the Senate should move swiftly to pass it. Read our full letter here: clubforgrowth.org/wp-content/upl…
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