CoinFund President: U.S. Senate Crypto Bill Restricts Stablecoin Rewards

CoinFund President and former banker Christopher Perkins expressed on social media that he criticizes the cryptocurrency market structure bill currently under consideration by the U.S. Senate, which may limit retail investors' access to rewards related to stablecoins.

As a member of the U.S. Commodity Futures Trading Commission (CFTC) Global Markets Advisory Committee, Perkins stated that depriving retail investors of the right to earn rewards from stablecoins is an inappropriate policy, especially against the backdrop of income inequality being a significant social issue.

The U.S. already has a stablecoin bill called GENIUS and questions why policymakers would want to prevent ordinary investors from benefiting from stablecoins.

Perkins suggested addressing banks' concerns about deposit and loan outflows by releasing regulatory capital and integrating blockchain technology, believing this would be a win-win solution.

He predicted that if this approach is taken, Global Systemically Important Banks (GSIBs) and community banks would ultimately accept policies that allow retail investors to earn rewards from stablecoins.