Bank objections over state provision could complicate stablecoin bill

Quick Take

  • Banks and credit unions are raising concerns over part of the stablecoin legislation due for consideration in a U.S. House of Representatives committee this week.

A portion of the stablecoin bill due for consideration in the U.S. House of Representatives later this week has drawn concern from major trade associations representing the vast majority of U.S. financial institutions.

In two letters sent last week, both co-signed by the American Bankers Association, industry associations representing banks and credit unions took issue with part of the comprehensive regulatory framework for stablecoins that the House Financial Servi