U.S. Banks Push Congress to Restrict Stablecoins and Crypto Data Access

TheNewsCryptoPublicado a 2026-01-22Actualizado a 2026-01-22

Resumen

U.S. banks, led by the American Bankers Association (ABA), are urging Congress to impose restrictions on stablecoins and financial data access. They advocate for a ban on yield-bearing stablecoins, warning that such products could draw trillillions of dollars from bank deposits, reducing lending capacity and creating financial stability risks. Additionally, banks seek changes to Section 1033 banking rules to impose stronger liability rules and potential fees on data sharing, which currently allows users to connect bank accounts to crypto platforms. Crypto and fintech groups argue these efforts are anti-competitive, designed to protect banks from innovation, and could effectively kill open banking by blocking connections or charging fees. This dispute has delayed a key crypto market structure bill in the U.S. Senate.

The traditional banks in the U.S. are pushing the lawmakers to change the crypto rules that would limit the stablecoins and financial data sharing. This push was led by the American Bankers Association (ABA), which is the major group of U.S. banks.

Why Banks Want Stablecoin Yields Banned

ABA’s are demanding a ban on the stablecoin yield. They say that the yield-bearing stablecoins could pull money out of the banks’ deposits and reduce the banks’ ability to lend, which creates financial stability risks. Brian Moynihan, CEO of Bank of America, warns that “trillions of money” will move from banks into stablecoins if the yield is allowed.

In reply, Crypto and Fintech groups argue that this would protect banks from the competition and make the stablecoins less useful and lock innovations behind the bank-controlled products.

ABA is also pushing to change the banking rules of Section 1033, which allows users have the right to share their financial data with the apps they choose. Right now, under the existing rules, users can connect their bank accounts to crypto wallets, exchanges, stablecoin apps, and fintech tools. But Banks are opposing the current rules and need the stronger liability rules and potential fees or restrictions on data sharing.

Crypto and fintech groups warn that the banks could use these crypto rule changes in their favor by charging fees for the data access, block connections, and slowly kill the open banking without banning it right away.

Stablecoin Yield Dispute Delays Key U.S. Crypto Bill

These disagreements and debate slows the progress on a major crypto market structure bill in the U.S. Senate, which involves who regulates crypto, how the stablecoin works, and how crypto fits into traditional finance. The current debate on stablecoin yield and financial stability sharing has caused a delay in voting from the Senate Banking Committee, and the coinbase has withdrawn its support for the bill.

Overall, banks want to grow crypto under the banking system, but crypto firms prefer decentralization on digital assets, user access, and financial data.

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