Core Viewpoint - Coinbase's CEO Brian Armstrong asserts that there is no rift between Coinbase and the White House regarding the new crypto legislation, emphasizing constructive discussions with government officials [1]. Group 1: Legislative Developments - The proposed bill aims to shift regulatory control and impose bans on passive yields from stablecoin holdings, reflecting a contentious atmosphere among industry stakeholders [2]. - Coinbase withdrew its support for the bill just before the Senate was set to debate it, leading to speculation about increased demands for changes from market players, which may complicate negotiations [3]. - Allegations surfaced that the White House was upset with Coinbase's unilateral decision to withdraw support, but Armstrong refuted claims of a rift, stating that the White House remains engaged in discussions [3]. Group 2: Industry Reactions - The bill has received mixed reactions within the crypto industry, with some welcoming regulatory clarity while others view it as a concession to traditional finance, particularly concerning stablecoin yields [5]. - Armstrong criticized the potential impact of stablecoin yields on banks, arguing that consumers should have the opportunity to earn more on their investments [5]. - A source close to the Trump administration indicated that the White House was not informed of Coinbase's decision in advance, suggesting that one company should not represent the entire industry [4].

Core Viewpoint - Bank of America CEO Brian Moynihan warns that the introduction of interest-bearing stablecoins could lead to a significant outflow of deposits from banks, potentially amounting to $6 trillion [1][2]. Group 1: Impact on Banking System - Moynihan highlighted that stablecoins designed like money market funds could draw deposits away from banks, forcing them to rely on more expensive wholesale funding instead of cheaper customer deposits [2]. - The disparity in yields is a key factor; if stablecoins offer a 4% yield while banks provide only 0.1% on savings accounts, depositors are likely to shift their funds to stablecoins [2]. - The loss of deposits would compel banks to either reduce lending or borrow from the Federal Reserve at market rates, which would increase loan costs for both businesses and consumers [3]. Group 2: Legislative Developments - A Senate bill introduced by Banking Committee Chair Tim Scott includes a ban on paying interest for merely holding stablecoins, while allowing rewards for activity-based actions like staking [4]. - The markup of the bill was postponed after Coinbase CEO Brian Armstrong expressed that the provisions would negatively impact rewards on stablecoins, indicating ongoing negotiations among stakeholders [5]. - The legislative outcome will determine whether crypto can compete directly with banks for deposits or remain restricted from offering basic savings account features [6].

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