125 institutions jointly oppose the revision of the stablecoin bill, as stablecoin innovation faces opposition from traditional finance

【Chain Wen】The future of stablecoins has recently stirred quite a stir in Washington.

Last week, a well-known trading platform, together with over 125 companies and institutions, launched a joint petition, urging Congress not to amend the core provisions of the Act. What is the key point of this bill? Simply put, it defines the responsibilities and roles of stablecoin issuers and trading intermediaries—issuers cannot offer rewards, but exchanges can.

It sounds a bit complicated, but this is actually a clever design. Why? Because exchanges have the ability to optimize user experience within a compliant framework and provide incentives for stablecoins, which benefits consumers and promotes competition. Platforms like some leading exchanges, Coinbase, Kraken, are all leveraging their advantages within this regulatory framework.

However, this stability is under threat. Co-founder Tyler Winklevoss openly stated, “If traditional finance folks succeed in amending the bill to prohibit exchange incentives, the stablecoin ecosystem will be finished.” This is not just a technical issue but an ecological one—it could kill the motivation for innovation.

From another perspective, as Web3 financial infrastructure, stablecoins are inherently competing with traditional finance for users and capital. The current bill at least ensures certainty, allowing practitioners to build with confidence. If rules change frequently, both issuers and exchanges will fall into a quagmire of uncertainty.

This battle is not just about a bill clause; it’s about how far crypto financial innovation can go.