Major exchange leadership is sounding the alarm: traditional banking institutions are actively lobbying regulators to restrict stablecoin reward programs. Their reasoning? Protecting profit margins. Banks view yield-bearing stablecoins as direct competition to their deposit products and savings accounts. The pressure being applied behind closed doors aims to limit retail users' access to stablecoin-based returns. This raises a fundamental question about market dynamics—are regulatory decisions driven by genuine risk concerns, or by incumbent financial players seeking to eliminate disruptive competitors? The tension between traditional finance and crypto infrastructure is playing out in policy rooms, not just on trading floors.