😤🤬 The American Bankers Association, BPI, CBA, Financial Services Forum, and ICBA demand the closing of the loophole for interest payments on stablecoins

• Banking associations urge Congress to eliminate the possibility of circumventing the GENIUS law, which prohibited stablecoin issuers from paying interest to holders.

• Exchanges and affiliated companies can indirectly pay yields, which, according to estimates from the U.S. Treasury, could lead to a withdrawal of $6.6 trillion in bank deposits, reduce lending to businesses and households, and increase interest rates.

ℹ️ Yield-bearing stablecoins create fair competition for bank deposits, forcing banks to raise rates for depositors. These same banks, through their crypto divisions and partnerships, plan to farm yields from stablecoins, earning fees for custody and reserve management. This is classic regulatory capture — banks lobby for restrictions on competitors while maintaining access to profitable crypto products through "regulated" channels.

Meanwhile:

🗑 Eden Network (formerly Archer DAO), founded in 2020 to extract MEV profits for Ethereum miners, announced its closure due to high competition and operational costs. The project is shutting down all services (Eden RPC, Eden Bundles, Mempool Stream) and distributing 2,000 ETH among EDEN token holders until September 30, only for non-American residents.

🔥OKX announced a one-time burn of ~65.25 million OKB and a transition to automatic burning through smart contracts with sending to the burn address.

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