Banks aim to regulate stablecoin yields and open banking
The American Bankers Association (ABA) has put forward new legislative priorities aimed at limiting the profitability of stablecoins and access to customers' financial data within the open banking concept. This is happening against the backdrop of active debates in the U.S. Congress on regulating the cryptocurrency market.
According to the ABA, the high returns that stablecoins can generate pose a threat to the traditional banking system. The association believes that limiting stablecoin rates will help preserve the competitiveness of bank deposits. In addition, banks are opposed to the free exchange of customers' financial data within the framework of open banking, fearing a loss of control over this data.
The position of the banking lobby reflects the desire to maintain their influence and dominant position in the financial market. Cryptocurrencies and fintech innovations, such as open banking, challenge the traditional banking model, so banks are trying to limit these new trends through legislative initiatives.
However, experts note that limiting the profitability of stablecoins and open banking could slow technological progress in the financial sector and deprive consumers of access to more favorable offers. A more balanced approach to regulation could protect the interests of both the banking system and new financial technologies.