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US banks fight crypto's push into Main Street
The Clarity Act debate pits crypto firms seeking to offer interest on stablecoins against banks worried about losing $6.6 trillion in deposits, especially impacting community lenders.
- Last month, the Clarity Act stalled after Coinbase CEO Brian Armstrong maneuvered to have the bill pulled, leaving the legislation stuck in limbo.
- The American Banking Association warned interest-paying stablecoins would endanger the $6.6 trillion parked in traditional banks, which local and community banks use to finance loans.
- Coinbase and CEO Brian Armstrong led efforts to rehabilitate crypto's reputation, while Paxos CEO Bhau Kotecha warned banning interest would narrow stablecoin use cases and the GENIUS Act gave legal recognition.
- The Senate Banking Committee was poised last month to pass a version banning stablecoins from paying interest, and the White House said the bill can get back on track and warned of consequences if missed.
- At the center is control over several trillions in deposits, with crypto's influence surging since Donald Trump's victory and high-profile ties including Trump family crypto holdings.
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14 Articles
14 Articles
Where to stash your cash: US banks fight crypto's push into Main Street
·Luxembourg City, Luxembourg
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Total News Sources14
Leaning Left3Leaning Right4Center3Last UpdatedBias Distribution40% Right
Bias Distribution
- 40% of the sources lean Right
40% Right
L 30%
C 30%
R 40%
Factuality
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