"Support grows for Congress to ban stablecoin legislation if it threatens the traditional financial system"
Summary
- In a survey by the American Bankers Association (ABA), many respondents said the impact of stablecoin legislation on the financial system should be reviewed with extreme caution.
- Respondents said they agreed by roughly a 3-to-1 margin that Congress should ban it if stablecoin reward payments risk reducing the size of bank deposits.
- About one-sixth of respondents said community banks that support local economic activity should be protected, adding that steps that could weaken these banks should not be taken.
Forecast Trend Report by Period
Concerns have been raised that Congress should prohibit stablecoin legislation if it undermines the existing financial system.
According to CoinDesk, a cryptocurrency-focused media outlet, many respondents to a survey conducted by the American Bankers Association (ABA) said the impact of stablecoin legislation on the financial system should be examined with extreme caution.
In particular, respondents agreed by roughly a 3-to-1 margin that Congress should ban it if stablecoin reward payments risk reducing the size of bank deposits.
In addition, about one-sixth of respondents said community banks that support local economic activity should be protected, adding that measures that could weaken these banks should not be taken.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
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