TD Cowen: Disagreements over stablecoin yields may hinder progress on US crypto legislation

Odaily reports that TD Cowen has noted that the deep division over the mechanism for stablecoin yields remains difficult to bridge, which could slow the advancement of US crypto market structure legislation and even impact its chances of passing within the year.

Several banking industry organizations, including the American Bankers Association, have officially opposed relevant compromise proposals, arguing that allowing crypto platforms to offer stablecoin yields to users would pose a significant threat to traditional banks.

Analysts suggest that the opposing positions of banks and crypto platforms on this issue leave "little room for a middle-ground solution" in the near term, making it a key obstacle in the current legislative process.