A growing coalition of U.S. banks is panic-stricken. They are currently urging lawmakers to rewrite the GENIUS Act, specifically targeting the reward structures offered by non-bank stablecoin issuers. They see the ability for crypto platforms to offer yield on digital dollars as a “loophole” that threatens to siphon deposits away from the traditional banking system.
To the average Bitcoiner or crypto-native, the instinct is to fight back. We view any restriction on product features as an attack on consumer choice and a handout to incumbent financial institutions.
But we need to look at the board, not just the pieces. Fighting for yield is a strategic error. It forces the industry to fight on the banks’ home turf: capital requirements and interest rate arbitrage, rather than on our own. If the price of securing permanent, regulated rails for digital dollars is sacrificing yield programs, we should pay it.
The Real Value Proposition
The banks are right to be worried, but they are worried about the wrong thing. They cite the potential for $6 trillion in portable deposits to leave their balance sheets. To a bank, which is a risk manager at its core, a stablecoin offering yield looks like an uninsured deposit without the compliance overhead.
However, the crypto industry knows a truth that the banks miss: The revolution of stablecoins has never been about interest rates. If users want yield, they have a dozen DeFi protocols or traditional treasury bills to choose from.
The breakthrough of stablecoins is settlement, not savings. It is the ability to move value globally, 24/7, outside of traditional banking hours. It is the power of programmable financial logic and, most importantly, non-custodial digital sovereignty that allows users to hold value without a centralized intermediary.
These are the characteristics that make stablecoins a superior payment instrument. By conceding on yield, a feature that banks can easily replicate, we protect the features they cannot: permissionless transfer and interoperability.
A Tactical Sacrifice
Viewing this concession as “capitulation” is short-sighted. It is a down payment on regulatory legitimacy.
Currently, the debate over yield is a massive hurdle slowing down consensus on Capitol Hill. By removing this friction point, we clear the path for the CLARITY Act to advance early next year. This doesn’t just help banks, it opens the door for stablecoin issuers to access deep banking infrastructure and partnerships that have stalled due to compliance uncertainty.
Furthermore, the argument that removing yield hurts the unbanked is weak. The underbanked are not adopting stablecoins to earn 4% APY, they are adopting them because their local currencies are failing or their payment rails are broken. Their barriers are on-ramps and off-ramps, not lack of reward programs. Regulatory clarity solves the infrastructure problem, clinging to yield does not.
The Long Game
Banks want risk containment. Crypto innovators seek market access. Lawmakers seek assurance. This concession gives everyone what they want, but it gives the crypto industry what it needs.
If we concede on yield, we signal that we are prepared to compete on utility rather than regulatory arbitrage. We move the industry toward a future where digital dollars are trusted, interoperable, and integrated into the global economy.
The crypto industry has always thrived on adaptability. We do not need to mimic the interest-bearing accounts of the legacy system to beat it. We simply need the rails to be open. The innovations ahead will far outweigh the compromises behind us. Let the banks keep their yield. We will take the future of money.
Adrian Wall
Managing Director, Digital Sovereignty Alliance (DSA)
Adrian Wall is Senior Director of U.S. Policy at TRON DAO and Managing Director of the Digital Sovereignty Alliance (DSA), where he is a leading voice on blockchain policy, digital asset regulation, and financial innovation. His work bridges government, academia, and industry to advance responsible frameworks that promote innovation, transparency, and financial inclusion. Adrian directs DSA’s Learning Team, developing blockchain education programs for policymakers, universities, and financial institutions, and has advised on major bipartisan legislative efforts including the GENIUS Act and the Clarity Act. A frequent speaker at global policy and industry forums including the United Nations, CoinDesk, Nacha, and the DC Blockchain Summit, his published work explores decentralized finance, stablecoins, and regulatory harmonization. Adrian holds an A.B. in Economics from Harvard College and a Public Leadership Credential from Harvard Kennedy School.
X: https://x.com/AdrianWall8395
LinkedIn: https://www.linkedin.com/in/adrian-wall-8b50002
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