TD Cowen: Divergence on Stablecoin Yields Intensifies, May Delay US Crypto Bill Progress

Odaily reports that TD Cowen points out the ongoing divergence over stablecoin yield mechanisms remains difficult to bridge, which could slow the progress of US crypto market structure legislation and even impact its chances of passing within the year.

Several banking organizations, including the American Bankers Association, have formally opposed 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, a "middle-ground solution" appears unlikely in the short term, making this a key obstacle in the current legislative process.