Banks Win Key Battle as Crypto Bill Bars Stablecoin Interest Payments

A recent crypto bill has been passed that prohibits stablecoin issuers from paying interest on stablecoin deposits, a move seen as a victory for traditional banks. This legislation aims to regulate the growing stablecoin market and ensure that banks maintain their competitive edge. The bill also includes provisions for consumer protection and transparency in the crypto space. Supporters argue that the ban on interest payments will prevent potential risks to the financial system. Critics, however, believe it could stifle innovation in the cryptocurrency sector.

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