US stablecoin legislation is still under negotiation, and the banking industry is focusing its opposition on "yield-based stablecoins." A recent poll released by the American Bankers Association indicates that if such products weaken the lending capacity of community banks, a majority of respondents support congressional intervention to restrict them.

Polls provide a basis for lobbying

The survey, conducted online by Morning Consult, surveyed 2,000 U.S. adults and has a margin of error of approximately 2%. According to the ABA, 57% of respondents believe Congress should block crypto companies offering stablecoin products with bank-like interest rates that could harm community banking lending.

Another 61% of respondents said that digital asset regulation should be more cautious and should not impact the traditional financial system, especially community banks; 15% held the opposite view. The ABA used this to emphasize that stablecoin rules should not undermine the foundations of bank deposits and credit.

The bill still restricts static returns on holding currency.

Under the current text of the Digital Asset Markets Clarity Act, crypto platforms cannot directly pay out rewards simply because users hold stablecoins. However, platforms can still design incentive mechanisms similar to credit card rewards to encourage users to use tokens in scenarios such as payments or transfers.

This is also a key area of pressure from the banking industry recently. Related groups hope to amend the stablecoin section before the bill progresses, further reducing the scope for incentive programs and profit design. The Senate Banking Committee has advanced a bipartisan compromise version, but it still needs to be integrated with the text passed by the Agriculture Committee.

Interest in digital assets has not diminished.

While the survey reflects the banking industry's perspective, the results also indicate that public interest in digital assets in the United States continues to rise. Approximately 30% of respondents indicated they might purchase or use digital assets in the coming year; 24% believe stablecoins and crypto assets offer tangible benefits.

Of the total sample, 17% indicated they currently hold digital assets. The debate surrounding the Clarity Act continues. The crypto industry is pushing for its swift passage and countering criticisms of the risks posed by illicit financial activities, attempting to preserve a more lenient environment for stablecoin development.