American Bankers Attempt Last Ditch Effort To Kill Crypto Market Structure Bill Regarding Stablecoins
Bitcoin Magazine
The American Bankers Association is lobbying senators to block a digital asset bill, fearing stablecoin yields could trigger significant bank deposit outflows.Summary
American Bankers Association (ABA) CEO Rob Nichols has launched an urgent campaign urging bank leaders to pressure senators against the Digital Asset Market Clarity Act. The banking industry argues that allowing yield on stablecoins could lead to massive bank deposit outflows, potentially destabilizing the financial system. However, industry critics and lawmakers, including Sen. Bernie Moreno, have criticized the ABA's efforts, noting that a compromise regarding stablecoin interest has already been negotiated and that bank leaders previously declined to participate in White House meetings on the matter.
(Source：Bitcoin Magazine)