Coinbase launches campaign to stop banking industry's efforts to undo provisions of the GENIUS Act

Core Viewpoint - Coinbase has launched a significant marketing campaign to counteract the efforts of big banks advocating for the rollback of stablecoin rewards, emphasizing the importance of the Genius Act which prohibits banks from offering interest on stablecoins while allowing crypto exchanges to do so [1][2][3] Group 1: Marketing Campaign and Its Objectives - The marketing campaign aims to inform crypto investors about the banks' attempts to roll back rewards and to encourage consumers to advocate for competition in the financial system [5] - Coinbase offers a 4.1% reward for USDC stablecoin holders, contrasting sharply with traditional banks that provide minimal interest on deposits [6][8] - The campaign includes social media outreach and a new website to engage crypto consumers and raise awareness about the importance of maintaining stablecoin rewards [4][5] Group 2: Legislative Context and Importance - The Genius Act, passed in July, established consumer rights to earn rewards on stablecoins, which banks are now attempting to challenge [3][9] - The Blockchain Association has urged Congress to uphold the Genius Act, reinforcing the digital asset industry's support for it [9] - The Clarity Act is seen as a critical next step for establishing a comprehensive regulatory framework for crypto, with Coinbase advocating for its passage [11][19] Group 3: Industry Growth and Future Legislation - The passage of the Genius Act has led to growth in the stablecoin market, indicating its positive impact on the industry [17][18] - Coinbase emphasizes the need for clear regulations regarding which tokens fall under the jurisdiction of the SEC and CFTC, which the Clarity Act aims to address [19][20] - Legislative priorities for Coinbase include sensible tax policies for crypto, which are being discussed in the Senate [27][30]