In the lead-up to the potential passage of the crypto market structure bill, known as the CLARITY Act, Faryar Shirzad, Chief Policy Officer at Coinbase, shed light on the ongoing discussions surrounding key provisions of the already enacted GENIUS Act. GENIUS Act Under Fire Shirzad noted that the stablecoin rewards provisions of the GENIUS Act are currently a central topic of debate among lawmakers. Shiraz remarked, “reopening it now only creates uncertainty and risks the future of the US Dollar as commerce moves onchain.” Shirzad emphasized the importance of protecting the GENIUS Act, arguing that rewards benefit consumers without adversely affecting community banks. Related Reading: Solana Shatters Records: 2025 Annual Review Reveals New All-Time Highs In Key Metrics He alleged that the motivation behind banks’ opposition to stablecoin rewards is evident. He claimed that US banks currently generate approximately $176 billion annually from the $3 trillion they hold at the Federal Reserve (Fed) and another $187 billion from card swipe fees, which averages to nearly $1,440 for each household. This results in over $360 billion yearly from payments and deposits, in addition to substantial unused lending capacity, as the Federal Reserve incentivizes banks to maintain reserves rather than deploy them. According to Shirzad, stablecoin rewards pose a challenge to these financial margins—not by impeding banks’ ability to lend, but by introducing real competition in payment systems. Shirzad further expressed alarm at how, during these Senate discussions, China has recognized the opportunity presented by the bank lobby. The country has recently announced interest payments to users of its Digital Yuan, aiming to undermine the supremacy of the US dollar. He warned that banning rewards in the Senate would inadvertently aid China’s efforts to challenge the dollar’s dominance. Concluding his remarks, Shirzad asserted that the opposition from banks toward stablecoin rewards is not based on prudential concerns but stems from a desire to protect lucrative revenue streams threatened by competition. Deaton Critiques ABA’s Threat To Stablecoin Rewards John E. Deaton — attorney for XRP holders in the US Securities and Exchange Commission’s (SEC) lawsuit against Ripple Labs and a former Senate candidate — also reacted to these developments. He emphasized the importance of the situation as China officially began offering interest on the digital yuan. He highlighted that the American Bankers Association (ABA) is exerting pressure on the Senate to close a “third-party loophole” in the GENIUS Act, which would restrict companies like Coinbase (COIN) and Kraken from offering rewards to consumers. Related Reading: Ethereum Staking Queue Grows: What Does This Mean For ETH Prices Moving Forward? Deaton argued that banning American firms from providing yield to everyday citizens does not protect banks, as claimed by the ABA; rather, it risks forcing global reliance on China’s currency over the US dollar. He emphasized that major banks are threatened by the concept of digital dollars because they are unable to “rent” that money back to consumers if individuals are earning yield themselves. The criticism also extended to banking officials, with Deaton asserting that the Banking Policy Institute, led by figures like Jamie Dimon, has crafted an anti-crypto bill last year that undermines the interests of average Americans. He contended that if the Senate capitulates to the bank lobby, it effectively imposes a hidden tax on retail investors and customers nationwide to safeguard Wall Street’s profits. Featured image from DALL-E, chart from TradingView.com
John Deaton, the attorney representing over 75,000 XRP holders in the Ripple vs. SEC lawsuit, has voiced strong opinions regarding President-elect Donald Trump’s nomination of Paul Atkins as the new Chair of the US Securities and Exchange Commission (SEC). Deaton took to X to outline four critical actions he believes Atkins must undertake immediately upon […]
US Senator Elizabeth Warren’s crypto stance has been questioned after the debate against Pro-XRP Lawyer John Deaton. The Senator’s seemingly less aggressive comments depart from her repeatedly hostile approach to the sector, surprising the community. Related Reading: Kamala Harris Vows To Support Crypto In New Proposal To Win Black Male Voters Massachusetts Senate Debate Heats […]
On Wednesday, October 2, the United States Securities and Exchange Commission (SEC) took a formal step in extending the XRP lawsuit with Ripple by filing a Notice of Appeal of Judge Torres’s ruling. This move came on the heels of the final judgment by the US District Court, Southern District of New York on August […]
Pro-XRP attorney Fred Rispoli, founder of HODL Law, continues to assess the likelihood of an SEC appeal as higher than the probability of the agency letting the case conclude without further action. Following the US District Court for the Southern District of New York’s final judgment on August 7, 2024, the SEC now has less […]
In a series of pointed criticisms leveled against the US Securities and Exchange Commission (SEC), pro-XRP lawyer Bill Morgan has highlighted what he views as repeated judicial victory against the SEC’s approach to crypto regulation by enforcement. His remarks draw on several recent cases where federal judges have questioned the SEC’s stance that digital tokens […]
Pro-XRP lawyer Bill Morgan has updated his assessment for the likelihood of a SEC appeal in the Ripple case. His reassessment follows closely on the heels of the ruling in the SEC’s case against Kraken, where US District Judge William H. Orrick III made a decision that might have significant implications for the SEC’s ongoing […]
Pro-XRP and crypto attorney John E. Deaton, who won the Republican nomination for Senate in Massachusetts, has emerged as one of the largest crypto holders in the political space ahead of the election, with significant holdings in the largest digital assets on the market. XRP Defender John E. Deaton’s Crypto Holdings Exposed Deaton, known not […]
Tyler and Cameron Winklevoss, the founders of crypto exchange Gemini, have publicly declared significant financial support for John Deaton, a lawyer known for his involvement in the XRP community. On the evening of 18 July, Tyler Winklevoss announced via X that he had donated $500,000 in Bitcoin (equivalent to 8 BTC) to Deaton’s senatorial campaign […]
In a post on social media, Bill Morgan, a leading pro-XRP attorney, reiterated allegations of biased regulatory practices by the Securities and Exchange Commission (SEC), accusing them of showing undue favoritism towards Ethereum at the expense of XRP. This assertion aligns with a broader accusation involving former SEC official William Hinman, which is now culminating […]
John E. Deaton, a fervent advocate for XRP and critic of current regulatory approaches to digital assets, has officially secured his place on the Massachusetts Republican ballot for the 2024 US Senate elections. Deaton’s campaign announcement has stirred notable attention, setting the stage for a direct challenge against incumbent Democrat Senator Elizabeth Warren. Pro-XRP Lawyer […]
Pro-XRP lawyer and crypto advocate John Deaton has filed an amicus brief supporting Coinbase’s motion to certify an interlocutory appeal in the exchange’s ongoing case with the US Securities and Exchange Commission (SEC). In this petition submitted to the US District Court for the Southern District of New York, Deaton also heavily criticized the SEC’s […]
In an escalation of the ongoing legal battle between Ripple Labs and the US Securities and Exchange Commission (SEC), the regulatory agency has advanced its position by filing a Motion for Remedies and Entry of Final Judgment, which notably includes a request for a $2 billion penalty against Ripple. Fred Rispoli, a pro-XRP lawyer and […]
The pro-XRP lawyer shared with his online following that he's covered half of the campaign funds and asked if they could pitch in the rest via cash or crypto.