Core Argument - The American Bankers Association and Bank Policy Institute are lobbying against the GENIUS Act, a bipartisan stablecoin legislation, not due to new risks but to avoid competition with emerging financial technologies [1][3][4] Group 1: Financial Institutions' Response - Major financial institutions are responding to competition not by improving services but by attempting to undermine alternatives through lobbying [2][5] - The debate surrounding stablecoin rewards reflects a broader concern about whether the financial future will remain competitive or become dominated by a few large institutions [5][6] Group 2: Impact of the GENIUS Act - The GENIUS Act established a framework for stablecoins, which are digital assets pegged to the U.S. dollar, enabling faster access to dollars via blockchain technology [3] - The current lobbying efforts aim to dismantle provisions of the GENIUS Act that could force traditional banks to compete with new entrants in the financial market [3][4] Group 3: Market Dynamics - The concentration of assets among the six largest financial institutions exceeds 60% of the U.S. GDP, which does not necessarily lead to better consumer services [5][6] - The average interest rates for savings and checking accounts remain significantly lower than current Fed Funds rates, indicating a lack of competition rather than consumer demand [6]

Regulatory Landscape & Innovation - CFTC (商品期货交易委员会) 在代币化、现货交易、连续市场和数字资产监管方面取得进展，反映了全球金融发展趋势 [1] - Kraken 积极参与受监管的期货和衍生品生态系统，拥有注册的 FCM (期货佣金商) 和 CFTC 许可的 DCM (指定合约市场) [3] - 美国需要立法明确性和运营准备，以保持在市场基础设施方面的领导地位 [3] - 美国有机会引领市场基础设施的下一个篇章，否则领导地位将转移 [6] Principles for Market Structure - 开放系统、互操作性和用户所有权是重要原则，创新、消费者保护和机构保障可以相互加强 [2] - 强大的规则、开放的架构、可互操作的系统和透明的运营是技术和金融领域取得强大成果的关键要素 [4] - 行业倡导针对加密货币现货交易的直接规则、跨机构的互操作框架、反映全球流动性的连续市场结构以及代币化抵押品和稳定币的明确标准 [5] Vision for the Future - 行业支持奖励透明度和系统完整性的监督模型 [5] - 行业致力于建立一个反映开放性、竞争和用户所有权的现代金融体系 [7] - 创新和监管相结合，可以为消费者和机构提供更好的产品，并加强美国在全球经济中的地位 [7]