🏛 Banks refused to compromise on stablecoin yields.

A new meeting was held at the White House on the CLARITY bill about the crypto market structure with representatives from banks and the crypto industry.

The banking side brought a document with a firm stance:
➠ A complete ban on any rewards to stablecoin holders.
➠ A ban not only on financial interest but on any bonuses.
➠ Strict supervision and an enforcement mechanism.

The banks' argument — protecting deposits. Yields on stablecoins could trigger outflows from the traditional banking system and hurt lending to the real economy.

@Cryptoz