ABA cites poll in renewed push to ban interest on stablecoins

The American Bankers Association (ABA), a powerful lobbying group for the U.S. banking industry, is pressuring Congress to ban interest payments on stablecoins, releasing a public opinion poll to support its case. According to CoinDesk, a survey of 2,000 U.S. adults by polling firm Morning Consult found that 57% of respondents opposed paying interest on stablecoins, and 61% called for a cautious approach. In a statement, ABA President Rob Nichols said that as lawmakers create a regulatory framework for stablecoins, they should remember that Americans do not want rules that would harm local lending and economic growth, effectively calling for a ban on interest-bearing stablecoins. The U.S. Senate Banking Committee is currently working to pass an amendment to the Clarity Act through a bipartisan compromise and merge it with a bill from the Senate Agriculture Committee. The current draft prohibits crypto platforms from giving customers direct interest or deposit-like returns for simply holding stablecoins.