Coinbase draws red line on GENIUS Act amid bank lobby; 4% vs 0.01% gap cited

On December 27, 2025, Coinbase said reopening the GENIUS Act is a "red line" as banks push to limit stablecoin rewards. According to Brian Armstrong and advocate Max Avery, banks earn over 4% at the Federal Reserve while paying around 0.01% on savings, and proposed changes could block third‑party yield sharing.