The CEO stated that the Senate stablecoin bill gives banks an advantage but restricts the development of decentralized finance (DeFi): The DeFi bill gives banks an advantage but limits the growth of DeFi.
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According to a report by Bijie Network: Eco CEO Ryne Saxe has warned that a proposed bill in the US Senate, which would prohibit stablecoin issuers from paying passive yields, could prompt US users to turn to offshore platforms and on-chain DeFi, while shifting regulatory pressure to the crypto front-end, such as applications and wallets. He believes that this regulation, under the guise of consumer protection, may actually create structural advantages for banks and can be easily circumvented by "activity-based" reward mechanisms, ultimately failing to curb the formation of a global, borderless liquidity market.
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