Banks are lobbying to kill crypto rewards to protect a hidden $1,400 “tax” on every household

tldr; Banks are lobbying against crypto rewards, particularly stablecoins, to protect their $360 billion revenue from Federal Reserve reserves and card swipe fees, which cost households $1,400 annually. Stablecoins offering competitive yields threaten these revenue streams by bypassing traditional banking systems. The GENIUS Act bans stablecoin issuers from paying interest, but banks are pushing to extend this ban to affiliates. This fight highlights the competition between stablecoins and banks over transaction accounts and payment systems.

*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

the era of banks fucking us over is slowly going to come to an end..