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I don’t fully understand the Banks’ argument here. There’s so many high yield savings accounts out there that offer 3% or more. Betterment, Marcus/Goldman, CIT, SoFi, AmEx, Wealthfront etc. How are these not the same pressure on <0.1% yield deposits as stablecoin yields?
Jan 17, 08:25
THIS IS WHY THE BILL IS REALLY STUCK
Mike Novogratz was pretty blunt about what’s slowing the crypto market structure bill. He says both parties want a bill. That part isn’t the problem.
The real friction is BANKS -- especially around stablecoins.
Right now, big banks pay savers basically nothing (~1–11 bps) while earning 3.5–4% parking deposits at the Fed. Stablecoins threaten that spread. If consumers can earn yield elsewhere, deposits move -- and banks make less.
That’s why this is such a lobbying fight.
Let stablecoins compete, and banks either lose deposits or have to pay consumers more. That’s the trade-off lawmakers are wrestling with.
So yes, this is about SEC vs CFTC. But underneath, it’s about who gets to keep the economics of your money.
That’s why this bill is harder than it looks. 👀
What about money market funds? They’re yielding near 4% too.
The people still keeping their cash at these banks offering single digit yield %’s and not putting cash in a money market fund or an HYSA are certainly not gonna discover stablecoins and move all their cash there?
Can someone from the banking lobby explain the logic here ?
@themarketradar I should also add. I put definitely in all caps because I am nowhere near the definition of a High Net Worth Individual … hahaha
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