At issue is whether certain crypto firms should be allowed to offer rewards programs that pay yield to customers who hold stablecoins, a form of cryptocurrency designed to maintain a value of $1. Banks warn that crypto rewards programs could lead their customers to pull billions of dollars out of checking and savings accounts, threatening their business model and starving them of the deposits they use to make loans…
The crypto fight is “the most important thing” on small banks’ Washington agenda, said Alice P. Frazier, the CEO of Potomac Bank in Charles Town, West Virginia, and the chair of the Independent Community Bankers of America. “We are the local economic drivers of growth,” she said.
Crypto companies, she added, “are not going to come back and make loans into the communities the way that we do.”
https://www.politico.com/news/2026/08/13/banks-republicans-wall-street-crypto-war-01035719
No comments:
Post a Comment