In the world of financial technologies, a new conflict is brewing: traditional banks are increasing pressure on the crypto industry, striving to maintain their monopoly. Kraken's CEO David Ripley recently sharply criticized the American Bankers Association (ABA), accusing it of attempts to "corner the crypto exchanges." It all started with a statement from ABA's Senior Vice President Brooke Ibarra at the annual conference: she called interest payments on stablecoins on platforms like Kraken and Coinbase "harmful" to banks, undermining their role in supporting communities. According to her, stablecoins are intended only for payments, not for storing value.
Ripple has not been silent. In a post on X from October 22, he called the ABA's position "digging a trench" — protecting bank profits at the expense of consumers. "Healthy competition strengthens markets, and customers have the right to choose where to store value," he emphasized. Kraken offers up to 5% yield on stablecoin deposits, significantly exceeding the average rate for savings accounts in the US (0.6%). This attracts millions of users tired of low interest rates at banks.
Ripple's support was expressed by Dan Spuler from the Blockchain Association: "Big banks are ruthlessly targeting Coinbase and Kraken to protect their territory. Competition wins!" The conflict has unfolded against the backdrop of the GENIUS Act — a law signed by President Trump this year that regulates stablecoins, prohibiting direct interest but allowing for "rewards." Coinbase CEO Brian Armstrong has also called on regulators for equal rules for crypto products.
This battle reflects a global trend: banks around the world, from Australia to the UK, are imposing barriers for crypto users — from blocking transfers to "risk warnings." Ripple sees this as an opportunity for Kraken to democratize finance: "We are making tools that were previously available only to the elite open to everyone." While banks build walls, crypto exchanges are striving for innovation. Who will win this war for digital money?
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