TD Cowen: Stablecoin Yield Divergence Intensifies, Potentially Slowing US Crypto Bill Progress

Odaily reports that TD Cowen pointed out that the divergence over the stablecoin yield mechanism remains difficult to bridge, which may delay the progress of the US crypto market structure bill and even affect its chances of passing within the year.

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

Analysis suggests that with banks and crypto platforms holding opposing stances on this issue, there is "no middle-ground option" in the short term, making it a key obstacle in the current legislative process.