Odaily Planet Daily reports that investment bank TD Cowen says that, amid policy disputes over stablecoin yields, the banking sector may ultimately be at a political disadvantage, but ongoing industry negotiations could slow down or even threaten the progress of the U.S. Crypto Market Structure Act.
Jaret Seiberg, Managing Director of the Washington Research Department at TD Cowen, noted in a report that the banking industry’s opposition to stablecoins offering users yield is essentially opposing consumers’ access to additional returns, making it politically difficult to sustain this advantage in the long term. However, if this controversy continues to escalate, it could impact the passage of the CLARITY Act (Digital Asset Market Clarity Act).
At the time of this analysis, the U.S. Office of the Comptroller of the Currency (OCC) is proposing specific rules to implement the GENIUS Act (Stablecoin Bill). Under the proposal, stablecoin issuers are explicitly prohibited from paying interest or yields directly to token holders. Additionally, if issuers coordinate with affiliated entities to have third-party platforms pay users yields on stablecoins, such arrangements may be presumed to violate the law.
OCC stated that it will conduct case-by-case evaluations for different scenarios and will open a 60-day public comment period on the relevant rules.