Stablecoin Policy Game: Major Exchanges' Firm Stance on the US Legislation

【Crypto World】A major exchange recently voiced their stance to the U.S. Congress, urging lawmakers to protect the platform’s right to issue stablecoin rewards. The implication is clear—if the upcoming cryptocurrency legislation not only requires enhanced disclosure but also adds other restrictive provisions, they will have to reconsider whether to continue supporting the bill.

This actually reflects an old issue: the regulatory status of stablecoins in the United States has always been ambiguous. Exchanges view stablecoin rewards as an important tool to attract users and enhance competitiveness, while regulators are concerned about the potential risks these products may pose. Both sides have their own concerns—one wants to maintain operational flexibility, the other aims to prevent financial risks.

From the exchange’s perspective, this is a stress test at the final stage of the bill—by clearly expressing their stance, they send a signal to legislators: excessive regulation could be counterproductive, potentially raising barriers to entry and weakening America’s competitiveness in the crypto industry. Whether it will be effective depends on how Congress weighs the pros and cons.