Odaily Planet Daily reports that investment bank TD Cowen states that in the policy debate over stablecoin yields, the banking industry may ultimately be at a political disadvantage. However, ongoing industry battles could slow down or even threaten the progress of the U.S. Crypto Market Structure Act.
Jaret Seiberg, Managing Director of TD Cowen’s Washington research team, pointed out in the report that banks oppose stablecoins offering yields to users, essentially opposing consumers receiving additional returns. Therefore, they are unlikely to maintain a long-term advantage politically. However, if this controversy continues to escalate, it could impact the passage of the CLARITY Act (Digital Asset Market Clarity Act).
At the time of this analysis, the U.S. Office of the Comptroller of the Currency (OCC) is proposing specific rules for implementing the GENIUS Act (Stablecoin Act). According to the proposal, stablecoin issuers are explicitly prohibited from paying interest or yields directly to holders. Additionally, if the issuer coordinates with related entities to pay stablecoin yields through third-party platforms, it may be presumed to be illegal.
OCC stated that it will evaluate cases individually and has opened a 60-day public comment period on the related rules.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
U.S.-Iran talks collapse triggers a sharp drop in gold prices, while Bitcoin quickly surges past $79k
Bitcoin rose above $79,000 during the Asian trading session on April 27. At the same time, the spot gold price fell to a low of $4,672.11 per ounce, with an intraday decline of more than $38. The backdrop is that U.S. President Trump canceled the itinerary of his special envoy to Islamabad, Pakistan, and the U.S.-Iran peace negotiations have hit a stalemate. Federal Reserve Chair Powell is scheduled to preside over his final news conference of his tenure at the Federal Open Market Committee (FOMC) on April 29.
MarketWhisper49m ago
DOJ Drops Probe into Powell, Clearing Path for Crypto-Friendly Kevin Warsh to Lead Fed
Gate News message, April 26 — The U.S. Department of Justice has dropped its criminal investigation into Federal Reserve Chair Jerome Powell, clearing the way for the Senate to confirm Kevin Warsh as the next Fed chair. U.S. Attorney for the District of Columbia Jeanine Pirro announced the
GateNews3h ago
Fed Holds Rates Steady in April With 100% Probability; June Rate Cut Odds at Just 4.7%
Gate News message, April 26 — According to CME FedWatch, the probability of the Federal Reserve holding rates steady in April stands at 100%. Looking ahead to June, the odds of a cumulative 25-basis-point rate cut are just 4.7%, while the probability of maintaining rates unchanged is 95.3%.
The dat
GateNews6h ago
DOJ Drops Criminal Investigation Into Powell, Clearing Path for Crypto-Friendly Warsh to Lead Fed
Gate News message, April 26 — The U.S. Department of Justice has dropped its criminal investigation into Federal Reserve Chair Jerome Powell, clearing the way for the Senate to confirm Kevin Warsh as the incoming central bank chair. U.S. Attorney for the District of Columbia Jeanine Pirro
GateNews9h ago
Major Central Bank Decisions and Tech Earnings Set to Drive Markets Next Week
Gate News message, April 26 — Next week brings a super central bank week and earnings season, with the Federal Reserve, Bank of Japan, Bank of England, European Central Bank, and Bank of Canada all set to announce interest rate decisions. The Federal Reserve will release its rate decision at 2 a.m.
GateNews13h ago
DOJ Drops Criminal Probe into Powell, Clearing Path for Crypto-Friendly Warsh as Fed Chair
Gate News message, April 26 — The U.S. Department of Justice has closed its criminal investigation into Federal Reserve Chair Jerome Powell, removing a key obstacle to Senate confirmation of incoming Fed chair Kevin Warsh. U.S. Attorney for the District of Columbia Jeanine Pirro announced the
GateNews15h ago
