US banking lobbyists have unveiled a survey to support their campaign against US stablecoins earning returns for their users, seeking to bolster their current claim with results indicating that 57% of people think Congress should prevent crypto companies from offering anything resembling banking interest on stablecoins if it could harm community lending.
The American Bankers Association, which commissioned the investigation, is among the banking groups seeking to make last-minute changes to the Digital Asset Market Clarity Act, which would establish a U.S. regulatory regime for the crypto industry. Banks are specifically pushing to rewrite the sections regarding stablecoins, something their representatives have repeatedly argued to lawmakers and the White House would threaten the interest-bearing deposit accounts at the core of their business in attracting customers.
As the Clarity Act currently stands, crypto exchanges would not be allowed to offer yield for static holdings of stablecoins, but they could set up rewards programs similar to credit card programs for active use of the tokens.
“As lawmakers consider creating a regulatory framework for stablecoins and other digital assets, they should know that Americans do not want them to put in place rules that hurt lending and economic growth,” ABA President and CEO Rob Nichols said in a statement.
CoinDesk consulted the results of Morning Consult’s online survey of 2,000 U.S. adults, with a margin of error of approximately 2%. The survey questions were framed with the assumption that stablecoins are likely to pose risks to banking and lending — a narrative opposed by crypto industry research and countered by White House economists.
A separate poll of US voters recently commissioned by CoinDesk found that they trust banks more than crypto when it comes to financial inclusion (65% to 5%). About 52% said in that survey that they think digital assets are more than a passing fad.
Despite its intention to support the crypto industry’s opponent in this legislative effort, the new ABA survey indicated relatively high interest from respondents in digital assets, which were a niche area until recent years. About 30% of respondents said they were likely to purchase or use digital assets in the next year, and 24% said stablecoins and cryptocurrencies could bring them “significant benefits.”
The survey included 17% of people saying they currently own digital assets, 10% lower than CoinDesk’s survey of registered voters.
When pollsters asked whether people thought the approach to crypto rules should be cautious and not threaten the traditional financial system (especially mentioning community banks), 61% agreed. Going against the grain, 15% appear to suggest that the security of the rest of the financial system is not a concern when pursuing regulation of digital assets.
Senators working on the Clarity Act have already heard months of arguments from banks and recently moved forward in the Senate Banking Committee with a compromise crafted by members of both parties. That legislative language, however, still needs to be merged with a similar bill that passed the Senate Agriculture Committee, and more changes will come after that merger if the bill advances to the Senate for a potential vote.
For its part, the crypto industry is working to secure final passage of the Clarity Act, addressing other fears that the legislation could pave the way for the abuse of crypto as a tool for crime and illicit financing. The Blockchain Association shared a letter signed by 160 former members of the law enforcement, national security and intelligence communities in support of creating a “modern U.S. federal framework for digital asset oversight.”
The association plans to tour Senate offices with some of those people on Wednesday, as the Senate session finishes its final weeks before summer recess and the height of the midterm election season.
Read more: ‘Banks won’t take it’: Dimon intensifies battle over stable rewards in CLARITY Act debate
