Gemini signed a joint letter defending the original intent of the Genius Act: trading intermediary platforms should be allowed to continue offering stablecoin rewards.

PANews reported on December 20th that cryptocurrency exchange Gemini announced on its X platform that it has signed a joint letter with over 125 companies and organizations, urging the U.S. Congress to uphold the original text of the Genius Act and not amend it. It is understood that legitimate stablecoin rewards benefit consumers and competition and are legally permitted under the Genius Act; revising the act would undermine certainty and innovation. Gemini co-founder Tyler Winklevoss further explained that while the current Genius Act prohibits stablecoin issuers from offering stablecoin rewards, trading platforms like Gemini, Coinbase, and Kraken can, and this is already included in the existing legislation. If traditional bankers amend the act to prohibit such behavior, it will stifle stablecoin innovation.