Bessent threatens to use powers if stablecoins cause deposit outflows
- —Bessent: I will use powers if stablecoins cause deposit outflows
- —8 banking associations demand stricter stablecoin yield rules
- —Banks ask to remove section 10404(c)(3)(B) on reward calculation
- —Senate cloture vote scheduled for September 15
Why it matters: The outcome of the vote will determine stablecoin yield rules and the balance between crypto market growth and bank protection.
Source: BITTIMES
More on this
Regulation · 04:42CFTC warns 'mention market' prediction contracts carry heightened manipulation risk
Regulation · 04:31SEC's Jamie Selway pushes bipartisan support for tokenization and crypto
Regulation · 04:20OCC grants preliminary approval to three stablecoin-focused trust banks: Agora, Catena and Bastion