Banks' survey says people don't want to rock the boat if stablecoin yield risks lending
Key takeaways
- The survey also indicates that a significant 30% of U.S.
- The American Bankers Association, which commissioned the survey, is among the banking groups seeking 11th-hour changes to the Digital Asset Market Clarity Act that would establish a U.S.
- As the Clarity Act stands, crypto platforms would not be allowed to offer yield for static holdings of stablecoins, but they could set up rewards programs akin to credit-card programs for the active use of the tokens.
The survey also indicates that a significant 30% of U.S. adults said they're likely to buy or use digital assets in the next year.Bankers are still lobbying for changes in the latest version of the crypto Clarity Act, though only a handful of weeks remain in the Senate's calendar to get the market structure bill through to President Donald Trump's desk. U.S. banking lobbyists unveiled a survey to back up their campaign against U.S. stablecoins that return yield to their users, seeking to reinforce their ongoing contention with results indicating 57% of people think Congress should stop crypto firms from offering anything that resembles bank interest on stablecoins if it could harm community lending.
The American Bankers Association, which commissioned the survey, is among the banking groups seeking 11th-hour changes to the Digital Asset Market Clarity Act that would establish a U.S. regulatory regime for the crypto industry. The banks are specifically pushing to rewrite the sections involving stablecoins, which their representatives have repeatedly argued to lawmakers and the White House would threaten the interest-bearing deposit accounts at the core of their businesses by drawing off customers.
As the Clarity Act stands, crypto platforms would not be allowed to offer yield for static holdings of stablecoins, but they could set up rewards programs akin to credit-card programs for the active use of the tokens.