The Coinbase executive directly addressed the banking industry's core concern. "I can understand the theoretical argument that somehow stablecoins pose a risk to deposit flight from banks, especially community banks," Grewal said. "But if that were in fact the reality, we'd see evidence of that. In fact, there has been no evidence of deposit flight whatsoever."
The legislative outcome carries significant financial implications for Coinbase, whose stock has fallen 50% over the past six months amid regulatory uncertainty.
Crypto Market Structure Bill to Face Key Vote in April and Must Pass by May, Senators Say
