The United States Department of the Treasury, that grand arbiter of fiscal storms, now wrestles with a tempest of opposing voices-crypto zealots and traditional bankers, each clutching their scrolls of wisdom as if they were divine revelations. The GENIUS Act, that noble parchment meant to regulate stablecoin payments, has become a chessboard where pawns argue over who gets to pocket the king’s coins.
In a letter that could’ve been written by a sleep-deprived bard, Coinbase implored the Treasury to spare non-issuer entities (like themselves) from the ban on stablecoin interest payments. “We align with Congress’s intent!” they declared, as if Congress were a fickle lover whose every whim must be obeyed. One wonders if Congress, during its brief moment of lucidity, ever envisioned a world where stablecoins could yield more drama than a Tolstoy novel.
Meanwhile, the Bank Policy Institute (BPI), that stalwart sentinel of legacy banking, demanded a total ban on such interest payments-even for third parties. “Implement the prohibition!” they thundered, as though the Treasury were a child who’d forgotten how to color inside the lines. Their August warnings about $6.6 trillion fleeing banks read like a melodramatic novel: “The sky will fall! The cows will rise! The spreadsheets will weep!” 🏦🚀
And yet, Coinbase, that modern-day Don Quixote, insists the Treasury must not “second-guess Congress’s work.” A bold claim, considering Congress itself seems to second-guess its own decisions weekly. “Congress went no further,” they sighed, as if the legislators had collapsed mid-sentence. “To ban all interest payments would stifle growth!”-a tragic irony, given the Treasury’s current paralysis.
The exchange also suggested excluding blockchain validators and open-source protocols from the GENIUS Act, as if these digital entities were mere spectators in this farce. And cash equivalents for tax purposes? A move as pragmatic as a poet trying to count rubles.
The GENIUS Act, now law since July, looms like a clock ticking toward 2026 or 2027. A resolution, when it comes, may be as clear as a moonlit fog-or as satisfying as a bureaucratic ballet. Until then, the Treasury dances, the bankers grumble, and the crypto crowd hums a tune only the future can harmonize. 🕰️💃
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2025-11-06 16:03