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A senior executive from a leading compliant platform recently criticized the industry controversy bill, stating that this is not financial reform at all, but rather a move by banking groups to suppress crypto competition.
According to his analysis, there are shadows of banking lobbying behind this bill. The core purpose is obvious—cutting off the development space for cryptocurrencies. Especially those stablecoins that generate yields have become key targets for crackdown.
It is worth noting that the progress of this bill has recently cooled down, and industry voices seem to be starting to have an effect. From the opponent's perspective, this reflects the gradual emergence of driving forces behind crypto innovation.
In simple terms, the core of the whole matter boils down to two points: first, the bill aims to suppress financial innovation in the crypto industry; second, the yield mechanism of stablecoins is becoming the focal point of policy clashes. This game is far from over.