Wall Street is scared! Banking giants are collectively blocking new regulations, simply because the crypto industry has touched their trillion-dollar cake. Let's put it simply: the U.S. banking sector suddenly jumped up, demanding revisions to the recently passed stablecoin regulatory bill. Why the rush? To put it bluntly, they are afraid that the public will withdraw their deposits from banks to buy stablecoins for interest earnings—after all, bank savings interest rates are close to zero, while stablecoin platforms often offer returns of over 4%. In my personal view, this incident reveals two key signals: traditional banks finally acknowledge that cryptocurrencies are no longer marginal products, but real competitors that threaten the traditional financial system. Regulation is becoming the last moat for traditional finance—using rules to restrict the development of the crypto industry to protect bank interests. The most ironic thing is that, according to Chainalysis data, more than $1.3 trillion in assets have already flowed from the traditional financial system into the stablecoin market. Banks say they are 'worried about consumer protection,' but in reality, they fear the money in their vaults will continue to flow out. A typical case is PayPal's dollar stablecoin PYUSD launched last year, which directly allows users to earn returns by holding it. Once this model becomes popular, the impact on traditional bank deposit businesses will be devastating. Thought question: If banks are genuinely so concerned about user interests, why are they unwilling to compete by raising deposit interest rates, and instead choose to lobby for regulations to suppress competitors? (Feel free to follow us and share in the comments whether you would be willing to exchange bank deposits for stablecoins to earn interest.)