Chính sách stablecoin và cuộc chơi: thái độ cứng rắn của các sàn giao dịch hàng đầu đối với dự luật tại Mỹ

【Coin Circle】A leading exchange recently voiced 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 strengthened information disclosure but also seeks to add further restrictions, they will need to reconsider whether to continue supporting the bill.

Behind 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 worry about potential risks posed by such products. Both sides have their own concerns — one wants to maintain business flexibility, the other wants to prevent financial risks.

From the exchange’s perspective, this is essentially a stress test in the final stages of the bill — by clearly expressing their position, they are signaling to lawmakers that overregulation could be counterproductive and instead raise industry entry barriers and weaken America’s competitiveness in the crypto space. Whether this will be effective depends on how Congress weighs the pros and cons.