While a Stablecoins bill is under study in the United States, defenders of the banking industry have expressed their fears. What are their concerns?
The American banking sector is concerned about the Stablecoins bill
In the United States, the legal framework on the stablecoins which is being established is one of the subjects of the moment, demonstrating the will of the new administration to reconnect with the ecosystem. Despite everything, This is not necessarily happy, and especially in the banking sector.
On this point, the American Banker media highlighted the concerns of a few actors, as fears about potential market share losses, as Hilary Allen, professor in banking law underlines: American University:
If we set up a regime where it is possible for the largest technological companies to accept the functional equivalent of deposits while managing all their other platforms with all the data and the customer base that they involve, I think there is a real possibility that banks find themselves overpasted by these technological platforms.
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For its part, the office of senator Elizabeth Warren (the latter being part of the banking commission in the Senate) is also concerned about the arrival of technology giants on the playground of banks:
If these companies wish to make payments, they must associate with regulated financial institutions or facilitate transactions between them. But this bill on Stablecoins breaks with this status quo by authorizing large technological companies and other commercial conglomerates … to issue their own stablecoins, which are the functional equivalent of a bank deposit.
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Thus, the senator could soon offer an amendment aimed at prohibiting non -financial companies from entering a stablecoin transmitter.
Be that as it may, the current bill in question today must still obtain 60 votes in the Senate in order to be adopted, which would require that 7 Democratic senators vote in its favor.
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Ironically, we see that through these concerns, we are faced with a different point of view from that put in front yesterday, through a study suggesting that current stablecoin issuers could lose market share for the benefit of banks.
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Source: American Banker
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Since 2021, I have devoted my free time to seriously train myself on cryptocurrencies in order to acquire maximum knowledge and credibility. I often have the opportunity to carry out interviews with influential personalities from the blockchain industry. I also conduct in -depth analyzes on web3 themes to offer exclusive content to cryptoast readers.
Vincent Mayor
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