Wu said that Galaxy Digital CEO Mike Novogratz tweeted that the game over the profit distribution mechanism in the stablecoin bill is very critical and could directly lead to the bill's failure. He pointed out that banks do not want crypto platforms to offer rewards to users, but the actual practice is permitted by the law through the GENIUS Act. If the bill is rejected, maintaining the status quo would actually be the "fear" of certain forces. Novogratz stated that if the market structure bill is blocked, the main responsibility will fall on the two bipartisan senators supporting the banking stance, and the biggest losers will be American consumers. He called for rational forces to prevail.
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Wu said that Galaxy Digital CEO Mike Novogratz tweeted that the game over the profit distribution mechanism in the stablecoin bill is very critical and could directly lead to the bill's failure. He pointed out that banks do not want crypto platforms to offer rewards to users, but the actual practice is permitted by the law through the GENIUS Act. If the bill is rejected, maintaining the status quo would actually be the "fear" of certain forces. Novogratz stated that if the market structure bill is blocked, the main responsibility will fall on the two bipartisan senators supporting the banking stance, and the biggest losers will be American consumers. He called for rational forces to prevail.