Banking Industry Pushback

[bonk]

Banks and some US lawmakers pushed to restrict interest on stablecoins during GENIUS bill discussions, fearing a loss of deposits.

Sen. Kirsten Gillibrand said: “If stablecoins issue interest, why put your money in a local bank?”

[JanEmil]

There is no way back.

[EmTeam]

The banks will resist as long as they can, but the digital tide is unstoppable. Adapt or fade away.

[Rimon Khan]

Classic reaction from an industry scared of losing control. Innovation always wins in the long run.