Cryptocurrency Bill in the US Senate: Call from Banks for Stable Coins

Although it has been discussed in the US Senate for more than a year and great progress has been made, a certain threshold has not been reached regarding ethical substances and stable coins. While the Democrats demanded new changes in the ethical articles in the final text, this time the banking sector literally resurfaced!

“It shouldn't go like this”

According to reports in the US media, 8 major banking groups sent an official letter to Republican Senate leader John Thune and Democratic leader Chuck Schumer before the vote. In the joint letter, it was requested that there should be stricter provisions regarding the interest to be given on stablecoins:

"The interest rate given by fixed coin issuer companies is limited, but the interest rate given by stock exchanges for the same fixed coin should also be restricted... This situation may lead to capital flight from banks. The law should not be passed with these articles. Small-scale local banks will be affected much more by this situation. Once the damage occurs here, there will be no return."