US banks express concern over stablecoins regulation
Local American banks condemn a proposed law regulating stablecoins, warning that its approval could lead to bank withdrawals amounting to as much as $1.3 trillion, which would restrict banks’ ability to finance small businesses and the agricultural sector. The association, representing around 4,000 banks, believes that the bill could boost transfers to digital currency platforms and pose a threat to financial stability for customers.
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