Odaily Planet Daily reports that investment bank TD Cowen states that in the policy debate over stablecoin yields, the banking industry may ultimately be at a political disadvantage. However, ongoing industry battles could slow down or even threaten the progress of the U.S. Crypto Market Structure Act.
Jaret Seiberg, Managing Director of TD Cowen’s Washington research team, pointed out in the report that banks oppose stablecoins offering yields to users, essentially opposing consumers receiving additional returns. Therefore, they are unlikely to maintain a long-term advantage politically. However, if this controversy continues to escalate, it could impact the passage of the CLARITY Act (Digital Asset Market Clarity Act).
At the time of this analysis, the U.S. Office of the Comptroller of the Currency (OCC) is proposing specific rules for implementing the GENIUS Act (Stablecoin Act). According to the proposal, stablecoin issuers are explicitly prohibited from paying interest or yields directly to holders. Additionally, if the issuer coordinates with related entities to pay stablecoin yields through third-party platforms, it may be presumed to be illegal.
OCC stated that it will evaluate cases individually and has opened a 60-day public comment period on the related rules.
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