Major US banking associations, such as the American Bankers Association (ABA) and the Bank Policy Institute (BPI), have taken a firm stance on future laws regulating the structure of the cryptocurrency market.
After participating in a technical conference convened by the White House on Monday, February 2, the banking industry issued a joint statement emphasizing that: Any legal framework must prioritize “safety and soundness” Transformation of traditional financial systems rather than expansion of new technologies.
Therefore, for U.S. banking representatives, enacting legislation regulating assets such as Bitcoin (BTC) and dollar-pegged stablecoins should not come at the expense of the established banking model.
Bankers said their priority was protecting the flow of credit “to families and small businesses,” which they see as the engine of the country’s economic growth.
“Any legislation must ensure that local lending supports local lending and protects the integrity of the financial system,” the financial institutions said in a statement.
This position stems from concerns that non-banking entities such as crypto companies and exchanges operate under less stringent regulations. In his opinion, May cause unfair competition and systemic risks If a stablecoin can provide similar returns as a traditional savings account.
Bankers focus on closing U.S. legal loopholes
Unlike Bitcoin industry representatives who tried to propose technical solutions that would allow interest payments on digital assets, a bank spokesperson said: They focused their speech on their needs To “close loopholes in the law.”
Data from signatories shows that their willingness to work with President Donald Trump’s administration follows the rules of the game. be fair to everyone Financial people.
Traditional banks claim that their systems of lending and deposits are the basis of economic stability. Therefore, they warn that hasty regulation could divert capital from oversight systems. It affects the solvency of banks of all sizes.
Despite the friction, bankers expressed a determination to continue working with lawmakers and the White House. However, time is of the essence.
The government was supposed to issue an ultimatum to resolve the differences by the end of February, CriptoNoticias reported. This is in furtherance of the CLARITY bill, which defines the country’s regulatory authority for cryptocurrencies.
