The GENIUS Act's ban on yield-bearing stablecoins will stifle crypto innovation

Lawyer Jake Chervinsky posted on the X platform that Congress's passage of the GENIUS Act, which prohibits yield-bearing stablecoins, has transferred significant benefits to banks. This policy has no reasonable justification from the beginning and stifles an entire class of innovative crypto products. Currently, banks are attempting to further disrupt the market structure, which he opposes.