Bernstein’s latest report shows a fierce confrontation between the traditional banking industry and the cryptocurrency sector in the US over the issue of stablecoin yields, which is hindering the passage of the Crypto Market Structure Act in Congress. This deadlock risks slowing down legislative progress, affecting a market currently valued at over $275 billion and potentially becoming systemic if a clear regulatory framework is not established.
Banks fear that stablecoin yield products will erode the role of traditional deposits, while the crypto community argues that control measures are stifling innovation and market freedom. According to Bernstein analyst Gautam Chhugani, this is the biggest obstacle to bills like the CLARITY Act, although some senators are still striving to find common ground.
This policy standoff is expected to continue significantly impacting the development and innovation trajectory of the digital asset market in the near future.
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