Coinbase Defends Stablecoin Rewards Against U.S. Banks in Heated Clash Over GENIUS Act

Coinbase has taken a bold stance against major U.S. banking institutions, labeling their efforts to block stablecoin-related rewards as 'un-American.' The dispute revolves around the GENIUS Act, which currently bans direct interest payments via stablecoins. Banks are now pushing to extend this prohibition to third-party rewards programs, fearing that stablecoins could disrupt traditional banking by diverting up to $6.6 trillion in deposits and jeopardizing $180 billion in annual revenue. Coinbase's preemptive strike highlights the growing tension between traditional finance and the crypto industry as both sectors vie for dominance in the evolving digital asset landscape.

Coinbase Fires Back at US Banks Over Push to Block Stablecoin Rewards

Coinbase has launched a preemptive strike against major U.S. banking institutions, condemning their efforts to ban cashback and rewards tied to stablecoin payments as "un-American." The clash centers on the GENIUS Act, which prohibits direct interest payments via stablecoins. Banks now seek to extend this ban to third-party rewards, fearing stablecoins could siphon $6.6 trillion in deposits and erode $180 billion in annual credit card profits.

Faryar Shirzad, Coinbase's chief policy officer, countered on X, urging regulators to adhere strictly to the GENIUS Act's statutory text. The exchange argues that stablecoin rewards drive adoption, benefiting merchants through lower transaction costs. This battle underscores the growing tension between traditional finance and crypto's disruptive potential.

Bitcoin Plunges Below $100K, Tests $95K Support Amid Massive Liquidations

Bitcoin's dramatic descent below the psychological $100,000 mark has sent shockwaves through crypto markets. The flagship cryptocurrency tumbled to $98,550 in a violent liquidation cascade, erasing $655 million from leveraged longs within 24 hours. Coinbase data reveals the sell-off accelerated after spot ETFs recorded $278 million in net outflows on November 12.

The breakdown exposes Bitcoin's fragile market structure beneath six figures. On-chain analysis shows 65% of all invested USD now sits above $95,000 - a critical support level where long-term holders begin accumulating. This HODL wall represents the last line of defense before potentially deeper declines.

TradingView charts capture the severity of the move, with Bitcoin peaking at $103,988 before collapsing to $95,900. The 5% cushion above the $95k support has nearly evaporated, leaving bulls with dwindling protection. Market dynamics suggest this isn't speculative froth being cleared, but a fundamental test of investor conviction at record price levels.

Supra Offers $1M Bounty to Beat Its Parallel EVM Execution Engine

Supra, a Layer-1 blockchain backed by Coinbase Ventures, has expanded its SupraEVM Beta Bounty with a $1 million challenge. CEO Joshua Tobkin is personally staking his own $SUPRA tokens to incentivize developers to outperform SupraBTM, the chain's Core execution engine. The bounty, dubbed the SupraEVM Speed Challenge, complements an existing $40,000 USDC performance reward.

SupraBTM currently leads public benchmarks against competing EVM-parallel solutions, including Monad. "I am betting $1 million of my own tokens that no one can beat Supra," Tobkin declared. The MOVE underscores Supra's commitment to transparency and performance in decentralized transaction execution—a persistent bottleneck in blockchain scalability.