The CEO predicted that funds moving into stablecoins could ultimately increase the cost of borrowing. Moynihan said banks are either “not going to be able to loan or they're going to have to get wholesale funding,” adding that this would increase the overall cost of borrowing. In this context, wholesale funding is money for loans not derived from customer deposits, for example, from a Central Bank or capital markets.
Coinbase pushes backAfter reviewing the Senate Banking draft text over the last 48hrs, Coinbase unfortunately can’t support the bill as written.
There are too many issues, including:
- A defacto ban on tokenized equities- DeFi prohibitions, giving the government unlimited access to your financial…
“Crypto needs to be treated on a level playing field with the rest of financial services so we can build this industry in a safe and trusted way in America,” said Armstrong.
“If deposits migrate, it is because customers are responding rationally to better value and greater flexibility.”
