Galaxy CEO: Stablecoin controversy may lead to the failure of the entire bill

CoinVoice has learned that Galaxy Digital CEO Mike Novogratz posted on social media stating that the yield mechanism issue in the Stablecoin Bill is very tricky and is very likely to cause the entire bill to fail. Political considerations once again take precedence over prudent policy. Banking institutions are reluctant to allow cryptocurrency platforms to offer yield rewards to users (even though the GENIUS Act explicitly permits this operation). If the bill is ultimately rejected, what they truly fear is the disruption of the current landscape. If this issue ultimately causes the market structure bill to be shelved, the scope of accountability will be very broad, but the main responsibility will fall on the banking industry and the Republican and Democratic senators supporting them. The biggest losers will be American consumers. Hopefully, rational voices will ultimately prevail. “Can stablecoins provide yields to holders” is the most intense tug-of-war point between traditional banking and the crypto industry in the CLARITY Bill, with crypto companies led by Coinbase refusing to include stricter stablecoin regulations in the CLARITY Bill, while stablecoin yields currently account for about 18-20% of Coinbase’s total revenue (for the full year 2025).