According to TD Cowen’s Washington Research Group managing director Jaret Seiberg, major U.S. bank trade groups—including the Bank Policy Institute, Financial Services Forum, Independent Community Bankers of America, Consumer Bankers Association, and American Bankers Association—formally opposed a proposed stablecoin yield compromise on Monday. The groups said the proposal, which would still allow crypto platforms to offer rewards tied to stablecoin transaction use, “falls short” of their requirements. Seiberg noted that the unified opposition from both large and small banks strengthens their negotiating position and said he does not see a middle ground satisfying both the banking industry and major crypto platforms. “Banks want to prevent yield offerings that encourage retail investors to keep liquidity in crypto wallets, while some crypto platforms want to maintain this ability,” Seiberg said.
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