The crypto lobby got a surprise boost from one of America’s oldest and most powerful lobbies earlier this month. The retail industry announced it was backing stablecoin legislation.
Retailers hold a lot of sway with many members, and a key Senate procedural vote that could determine the stablecoin bill’s fate will be held this week.
The stakes of this vote are significant, and banks – especially community banks – are worried about what this legislation would do to their role in the regulated financial system. But for folks who’ve followed the merchants’ fight against banks over credit card swipe fees, the alliance with crypto isn’t all that surprising.
“We’re living the nightmare already,” Doug Kantor said, who serves as a member of the Merchants Payments Coalition. “The idea that there’s a spooky Big Tech monster around the corner does not seem all that scary to us.”
