U.S. Congress Drafts New Stablecoin Regulations: Policy Clash Between Exchange Lobbying and Bank Competition

【Crypto World】The battle between crypto exchanges and traditional banks for funds has escalated to the U.S. Congress. A CEO of a compliant platform recently held a key lobbying meeting on Capitol Hill with several lawmakers, focusing on the future direction of stablecoin reward policies.

His stance is very clear: banking lobbying groups are attempting to use legislation to completely restrict stablecoin reward mechanisms. This move would directly weaken the competitiveness of the crypto industry in attracting user funds against traditional banks. But on the other hand, why can’t Americans earn higher returns through digital assets? The banks oppose this, simply because they are afraid they will be forced to raise deposit interest rates to compete.

The details of the policy push are even more interesting. Previously, a draft of the Digital Asset Market Structure Act sparked strong opposition from exchanges, ultimately leading the Senate committee chair to announce a pause on the bill’s review. The draft included a compromise: banning deposit yield payments but allowing other incentives like trading rewards.

Currently, the situation is that senators plan to vote on an amendment that would fully ban stablecoin rewards, but the outcome of the vote remains uncertain. This means the final stance on stablecoin policy is still up for negotiation.