Odaily Planet Daily reported that Kraken Co-CEO Dave Ripley responded to the remarks of Brooke Ybarra, Senior Vice President of the American Bankers Association, that "stablecoin returns undermine bank capabilities", saying that consumers should have the freedom to choose where to hold assets and earn returns, rather than being forced to earn interest through banks.

Ripley criticized banks for long-standing practices of charging fees on customer assets without sharing the profits, and said the crypto industry is building a fairer financial system. Dan Spuller, an executive at the Blockchain Association, also said that traditional banks are trying to block the development of competitors like Coinbase and Kraken. (Cointelegraph)