Crypto at the Regulatory Crossroads: U.S. Seeks Rules as Banks Resist Stablecoin Yields
🔑 Key Takeaways A Financial Times op-ed argues crypto needs the same four pillars that underpin capital markets: predictability, property rights, transparency, and fair competition . The Genius Act (July 2025) bans issuers from paying interest on stablecoins, but banks warn that crypto platforms still exploit a loophole via third-party reward programs—potentially draining up to $6.6 trillion in deposits . U.S. regulators are mobilizing: the SEC has a new enforcement chief, the CFTC and Treasury are collecting public input, and congressional task forces are exploring a comprehensive framework. 🗞 Main Story As the U.S. grapples with the future of digital assets, three forces are colliding: regulators, banks, and the crypto industry. The Financial Times analysis stresses that crypto cannot rely on improvisation forever. Markets require the four pillars of governance—predictability, property rights, transparency, and fair com...