TechFlow News, March 10: According to a report by The Block, a recent survey released by the American Bankers Association (ABA) found that consumers support a congressional ban on stablecoin rewards by a margin of 3 to 1, citing “potential risks of reducing banks’ lendable funds and impacting economic growth.” Additionally, consumers agree by a margin of 6 to 1 that stablecoin legislation “should proceed with caution and avoid any measures that could disrupt the existing financial system.”
The survey was conducted by Morning Consult amid a legislative stalemate in the U.S. Congress over cryptocurrency market structure legislation, driven by banking industry lobbying against stablecoin yield offerings. Banks including JPMorgan argue that stablecoin issuers offering yields could draw deposits away from banks, thereby weakening U.S. banks and local lending systems. The survey also reveals that 80% of respondents have never held stablecoins, and 48% say they are “extremely unlikely” to buy, hold, or use stablecoins within the next 12 months.
