A majority of Americans, 61 percent, believe that Congress should be cautious when considering the Clarity Act, legislation creating rules for digital assets such as stablecoin, so as not to undermine the existing financial system, according to a survey conducted on behalf of the American Bankers Association (ABA).
In addition, 69 percent said they would be concerned if banks had less funding available to make loans, a risk posed by language in the Clarity Act, and 57 percent believe Congress should prohibit crypto companies from offering interest-like rewards for holding stablecoin if there is a risk this could draw deposits away from local banks and reduce the amount of funds available to banks to lend
“As lawmakers consider creating a regulatory framework for stablecoin and other digital assets, they need to know that Americans don’t want them to put in place rules that undermine lending and economic growth,” ABA President and CEO Rob Nichols said. “This new survey makes clear that consumers want to prohibit crypto companies from offering interest-like rewards on stablecoins and prevent them from drawing away the deposits banks use to fund the small business and consumer lending that drives local economies.”
A total of 17 percent of the participants currently own digital assets.