First in the Vault. Bank advocates are escalating their opposition to the findings of a White House report that downplayed the risks of stablecoins to the regulated financial system.
The Consumer Bankers Association commissioned a research paper disputing the main finding of a long-awaited White House stablecoin report released on April 8. The Council of Economic Advisers’ report argued that “eliminating” stablecoin yield – an idea that spurred tense negotiations over crypto market structure legislation – would have a negligible benefit for banks.
The CBA-backed paper authored by economist Andrew Nigrinis says the alternative remains worse.
