Crypto group counters Wall Street bankers with its own stablecoin principles for bill

The Digital Chamber, a crypto industry group, released its own set of principles in response to Wall Street bankers who demanded a total ban on stablecoin yield in the U.S. Senate's crypto market structure bill. The bankers argue that yields threaten traditional depository activity, outlined in their "Yield and Interest Prohibition Principles." The Digital Chamber's document defends the need for rewards in certain situations, as outlined in the Senate Banking Committee's draft bill, while conceding that they are willing to give up ground on rewards for static stablecoin holdings resembling bank savings accounts. They maintain that rewards should still be acceptable for customer transactions and ecosystem participation, particularly liquidity provision, which is vital for decentralized finance (DeFi). CEO Cody Carbone suggested that if bankers refuse to negotiate beyond a blanket prohibition, the status quo of existing rewards continues. The White House is pushing for a compromise, and while progress has stalled, officials hope renewed talks can advance the legislation, which requires Democratic support to pass the Senate.

(Source：CoinDesk)