🇺🇸 US Banking Associations Against Issuing Licenses to Stablecoins.

💲 Five largest banking lobby associations (ABA, America’s Credit Unions, CBA, ICBA, NBA) are asking to stop the issuance of licenses for Circle, Ripple, and other crypto-entities.

⚡️ If the OCC still issues such charters, crypto-firms will gain direct access to the Fed's payment rails and favorable banking status without a full set of regulatory requirements. Bankers fear this will create a loophole, flooding the market with dozens of 'lightweight' competitors.

Traditional banks are afraid of competition but hide behind safety. They would be better off trying to enter the crypto space and corner the niche for themselves. 😐