Crypto Industry Rallies Behind Kraken in Clash With Big Banks

[tradelikepro]

Crypto leaders are backing Kraken CEO David Ripley after his sharp response to the American Bankers Association’s criticism of stablecoin yields.

Dan Spuller from the Blockchain Association accused major banks of “ruthlessly targeting” crypto exchanges like Kraken and Coinbase to protect their turf. “Translation: competition’s winning,” he said.

Some stablecoins currently offer up to 5% interest, significantly outpacing the U.S. national average savings rate of 0.6% — and even beating top high-yield accounts at around 4%, according to Bankrate.

[Nahid10]

The industry’s support for Kraken reflects a united front for open financial systems.

[EmTeam]

Crypto’s collective stance may accelerate discussions on fair regulatory treatment.