Coinbase-Backed Advocacy Group Mobilizes Massive Support for Stablecoin Yields

In a significant display of grassroots support for cryptocurrency innovation, Stand With Crypto—an advocacy group backed by leading exchange Coinbase—has successfully mobilized its members to send over 250,000 letters to U.S. senators. This massive campaign represents a crucial defense against banking lobby efforts seeking to ban yield-bearing stablecoins, highlighting the growing political influence of the crypto community. The initiative specifically targets the GENIUS Act, current legislation that creates a regulatory paradox by prohibiting stablecoin issuers from directly offering yields while permitting their affiliates and exchanges to provide such services. This coordinated effort demonstrates the cryptocurrency sector's commitment to protecting financial innovation and consumer choice in digital assets. The timing of this mobilization is particularly significant as regulatory debates around stablecoins intensify in Washington. Banking institutions have been actively lobbying against yield-bearing stablecoins, arguing they pose systemic risks, while crypto advocates maintain that these financial instruments represent the natural evolution of digital finance. Coinbase's backing of this advocacy effort underscores the exchange's strategic commitment to shaping favorable regulatory frameworks that support the growth and maturation of cryptocurrency markets. The quarter-million letters sent to senators represent one of the largest grassroots campaigns in crypto advocacy history, signaling the sector's growing political maturity and its ability to mobilize supporters around key policy issues. This development comes at a pivotal moment for stablecoin regulation, with potential implications for how digital assets integrate with traditional financial systems. The success of this mobilization effort suggests that cryptocurrency advocates are becoming increasingly sophisticated in their approach to influencing policy, potentially setting the stage for more balanced regulatory outcomes that recognize both innovation and consumer protection needs.

Crypto Advocacy Group Mobilizes 250K Letters to U.S. Senators Defending Stablecoin Yields

Stand With Crypto, a Coinbase-backed advocacy group, has mobilized its members to send over 250,000 letters to U.S. senators, urging them to reject banking lobby efforts to ban yield-bearing stablecoins. The campaign targets the GENIUS Act, which currently prohibits issuers from offering yields directly but allows affiliates and exchanges to do so.

Banking institutions argue that stablecoin yields threaten traditional deposit and money-market activity. The form letter emphasizes consumer benefits, noting that banks themselves fiercely protect credit card rewards. "A ban on rewards WOULD stop consumers from earning value on fully backed digital dollars," the letter states.

The GENIUS Act, enacted earlier this year, is now under regulatory implementation. This clash highlights the growing tension between legacy finance and crypto innovation, with billions in potential deposit migration at stake.

Coinbase Wins Regulatory Approval to Offer Staking Services in New York

Coinbase has secured approval from New York state regulators to offer staking services, marking a pivotal moment for the exchange and the broader crypto industry. Residents can now earn rewards on assets like ethereum (ETH) and Solana (SOL), signaling a potential expansion of staking access across the U.S.

The decision follows the dismissal of lawsuits in multiple states, including South Carolina, Alabama, and Illinois, which had previously challenged Coinbase's staking services under securities laws. With regulatory hurdles cleared, the exchange aims to unlock an estimated $130 million in missed rewards for users in states where staking remains restricted.

New York's stringent regulatory environment makes this approval particularly significant. Coinbase's MOVE could catalyze further institutional adoption of staking as a core component of crypto investment strategies.

Ethereum Faces Systemic Strain as $11B Staking Withdrawal Backlog Grows

Ethereum's staking mechanism is showing signs of stress as validator withdrawal queues swell to historic levels. Over 2.44 million ETH ($10.5 billion) awaits processing—the third-largest backlog this month, trailing only September's peak. Liquid staking platforms like Lido and Coinbase dominate the exit requests.

Withdrawal delays now average 42 days, a design choice Ethereum's Vitalik Buterin defends as necessary for network stability. "Staking should be service, not speculation," the co-founder argues, framing delayed exits as a safeguard against short-term volatility.

The congestion highlights a growing tension between liquidity demands and blockchain security. As derivatives like stETH proliferate, the system's ability to balance instant redemptions with proof-of-stake integrity faces its toughest stress test since the Merge.

Citi Ventures Backs Stablecoin Infrastructure Firm BVNK in Strategic Move

Citi Ventures, the investment arm of Citigroup, has taken a strategic stake in BVNK, a stablecoin infrastructure provider now valued at over $750 million. The deal signals deepening crypto engagement by U.S. banks as traditional finance bridges to digital assets.

BVNK's platform facilitates cross-border stablecoin payments, enabling frictionless conversion between fiat and digital currencies. The London-based firm counts Coinbase and Tiger Global among existing investors, with its technology increasingly adopted by neobanks for Core financial services integration.

While investment terms remain undisclosed, BVNK co-founder Chris Harmse confirmed the valuation milestone to CNBC. The company reports surging U.S. demand, mirroring institutional appetite for blockchain-based settlement solutions.

Integra Unveiled at Token2049 Singapore Amid High-Profile Gathering

Integra, a project previously discussed in industry circles, made its official debut during a private event at Token2049 Singapore. The gathering, titled 'The Most Handpicked Gathering in Wealth, Family Offices, & Technology,' attracted over 200 attendees from diverse sectors, including finance, real estate, and blockchain.

Representatives from Goldman Sachs, Mastercard, Coinbase, and other major institutions participated in the event. Four high-level panels explored themes of technology, capital, and governance, aligning with Integra's foundational vision. The panel 'Building the Future of Value' featured insights from industry leaders such as Dr. Vivek Anand Oberoi of BNW Developments and Piyush Gupta of Polytrade.

BTC Retreats Amid Dollar Strength; SOL Gains Attention with Helius Acquisition Plan

Bitcoin surrendered Wednesday's gains as the dollar index (DXY) extended its rally, pressuring USD-denominated assets. The CoinDesk 20 Index fell 1% to 4,163 despite dovish Fed minutes signaling potential rate cuts. Market participants await Fed Chair Powell's speech for policy clarity amid a U.S. government shutdown that has delayed key economic data.

Solana's SOL emerged as a bright spot after treasury firm Helius revealed plans to acquire 5% of its circulating supply. Meanwhile, Coinbase expanded DEX trading access for U.S. users, excluding New York, while Polymarket teased a potential POLY token launch.

Geopolitical tensions eased slightly after reports of a tentative Israel-Hamas peace deal, though oil prices held above $62 as traders questioned the agreement's longevity.