ABA Pushes to Limit Digital Dollar Yields in Crypto Market Structure Legislation
The American Bankers Association (ABA) is lobbying to limit digital dollar yields and restrict financial data sharing within new U.S. crypto legislation.
The battle for your deposits is heating up. The American Bankers Association (ABA) is moving to clip the wings of digital dollars before they can disrupt traditional banking systems.
The ABA Crypto Market Structure Legislation Strategy
According to Reuters, the ABA has laid out its top priorities as lawmakers debate the U.S. crypto market structure legislation. It's not just about compliance; it's about survival. The association wants to ensure that digital dollars can't earn returns, effectively preventing a CBDC from competing with traditional interest-bearing savings accounts.
Data Sharing and the Digital Dollar Deadlock
Beyond yields, the ABA is pushing to tighten how financial data is shared. They're concerned that fintech innovators are gaining too much access to bank-held customer information without equivalent regulatory oversight. This stance complicates the ongoing legislative efforts to define how digital assets fit into the broader American financial landscape.
- Prohibit interest-bearing features for any future U.S. CBDC
- Restrict third-party access to consumer financial data
- Clarify the role of banks in the digital asset custody market
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