TD Cowen: Discrepancies in stablecoin yields may hinder the advancement of U.S. cryptocurrency legislation

TD Cowen pointed out that the disagreements surrounding the stablecoin yield mechanism remain difficult to bridge, which may delay the advancement of the U.S. crypto market structure bill and even affect its chances of passing within the year.

Several banking organizations, including the American Bankers Association, have formally opposed the relevant compromise proposals, arguing that allowing crypto platforms to offer stablecoin yields to users would impact traditional banks. Analysts state that the positions of banks and crypto platforms on this issue are opposed, and in the short term, "there is unlikely to be a middle ground," which has become a key obstacle in the current legislative process.