Bank of America is lobbying for stablecoin issuance rules that favor banks over tech firms

Odaily News Bank of America is lobbying for stablecoin issuance rules that favor banks over tech companies, amid a high-stakes power struggle between traditional banks, tech giants and cryptocurrency companies such as Tether. According to people familiar with the matter, Bank of America is mainly lobbying industry organizations such as the Bank Policy Institute and the American Bankers Association to urge lawmakers to enact rules that favor the issuance of stablecoins by established banks, while restricting commercial enterprises (such as large tech companies (non-banks) such as Amazon and Meta) from issuing dollar-backed crypto tokens. (The Block)