The crypto industry and the banking sector are locked in a fierce lobbying battle over digital tokens that offer annualized returns, a dispute that could derail legislative efforts aimed at bringing cryptocurrencies into the mainstream financial system. The core of the debate centers on what crypto companies call "rewards"—periodic annualized returns distributed based on the proportion of assets held by investors. Such mechanisms are especially common in stablecoins.
From the banks' perspective, companies like CB offering around 3.5% returns on stablecoins are essentially functioning like high-yield deposits, yet without complying with the strict regulatory requirements banks face when accepting public deposits. Banking organizations have sent numerous letters to lawmakers warning that these "yield-bearing stablecoins" could inflict devastating damage on small and mid-sized U.S. banks. In contrast, the national average interest rate for regular interest-bearing checking accounts in the U.S. remains below 0.1%. This debate is one of the reasons the Senate Banking Committee postponed its scheduled vote on the crypto market structure bill for Thursday.
JPMorgan Chase, Citigroup, and other major banks are resisting stablecoin rewards while simultaneously developing their own cryptocurrency products and collaboration plans. Some banks, including Bank of America, are considering whether to issue their own stablecoins.
Analysts say CB's withdrawal of support for the bill could seriously jeopardize its prospects, despite continued backing from other crypto companies. The conflict highlights a growing tension: on one side, the rapidly expanding crypto industry in Washington, actively leveraging its growing lobbying influence; on the other, the traditional banking sector, which has maintained close ties with Congress for decades. #加密市场观察 $BNB {future}(BNBUSDT)
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But Ultiland's approach is the opposite Throwing offline assets into the rules Letting them run on their own
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