According to The Block, a recent survey by the American Bankers Association (ABA) found that consumers support, by a 3-to-1 margin, the possibility that a congressional ban on stablecoin rewards could pose a risk of reducing bank lendable funds and affecting economic growth. Additionally, consumers support, by a 6-to-1 margin, the view that stablecoin regulations "should be cautious and avoid any measures that could disrupt the existing financial system." The survey, conducted by Morning Consult, was released as U.S. lawmakers remain deadlocked in advancing legislation on cryptocurrency market structure amid banking industry lobbying against stablecoin yields. Banks, including JPMorgan, argue that stablecoin issuers offering yields could drain bank deposits, thereby weakening U.S. banks and local lending systems. The survey also revealed that 80% of respondents have never held a stablecoin, and 48% said they are "very unlikely" to buy, hold, or use a stablecoin within the next 12 months.
ABA Survey Shows Strong Consumer Support for Regulating Stablecoin Rewards
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Summary
A new ABA survey shows strong support for stablecoin regulation, particularly regarding rewards. Consumers back banning stablecoin rewards if they harm bank lending and economic growth, by a 3-to-1 margin. Six out of ten surveyed said regulations should be cautious to prevent disruption to the financial system. The results come as U.S. efforts to establish a crypto market structure stall, with banks opposing stablecoin yield programs. CFTC concerns also contribute to the push for tighter oversight.
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