As banks lobby against provisions in the Clarity Act that they say would let crypto exchanges like Coinbase pay interest-like rewards on stablecoins, the American Bankers Association has published a consumer survey it says backs its position. JP Morgan CEO Jamie Dimon recently joined the fray, claiming Coinbase is the driving force behind the push for stablecoin yield. The Clarity Act passed out of the Senate Banking Committee and is expected to receive a full Senate vote in the coming weeks.
The survey, conducted by Morning Consult on the ABA’s behalf, found that by a three to one margin (57% vs 19%), consumers agree that Congress should prohibit interest-like rewards on stablecoins if doing so risks drawing deposits away from local banks. By a four to one margin (61% vs 15%), respondents said lawmakers should avoid actions that could undermine the existing financial system, particularly community banks. Seven in ten (69%) said they would be concerned if banks had less funding available for community loans.
However, a closer look at the data adds some nuance. Almost a quarter of respondents answered “don’t know” on both policy questions, and the key prohibition question was framed with the assumption that stablecoin rewards would draw away deposits and reduce lending. Agreement was also more tepid than the headline numbers suggest, with roughly half of those in favor selecting “somewhat agree” rather than “strongly agree.”
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