On February 6, news reports indicated that as the U.S. cryptocurrency market structure bill continues to be delayed, U.S. Senator Cynthia Lummis has called on domestic banks to view stablecoins and digital assets positively. In an interview with Fox Business, she stated that digital asset custody and stablecoin payments are not threats, but rather bring new product forms and growth opportunities to the traditional financial system.
Lummis currently serves as the chair of the Senate Digital Assets Committee. She pointed out that stablecoins can significantly shorten cross-border and domestic settlement times while reducing costs, thereby expanding the service boundaries of banks. “This is beneficial not only to consumers but also creates new revenue streams for banks,” she emphasized.
However, in negotiations over the regulatory framework for the crypto market in Congress, the issue of stablecoin yields has become one of the biggest points of disagreement. Banking groups oppose allowing digital asset platforms to pay stablecoin yields to users, fearing this could weaken the deposit base of traditional banks. The latest draft of the Senate Banking Committee includes provisions to restrict such yields, a stance supported by several banking organizations.
As a result, some industry participants have withdrawn their support for the yield mechanism, causing delays in the progress of bills aimed at establishing clear regulatory frameworks for Bitcoin and broader digital assets. John Boozman, chairman of the Senate Agriculture Committee, also stated that stablecoin rewards are “one of the most controversial issues,” with both sides having reasonable concerns.
Despite the ongoing legislative tug-of-war, the U.S. dollar stablecoin market continues to expand, with a total market capitalization approaching $290 billion. U.S. Secretary of the Treasury Bessent previously predicted that if the regulatory environment becomes clearer, the market could surpass $2 trillion by 2028. For banks, this may represent an unmissable structural opportunity.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
XCE settles hiring expenses in Bitcoin and locks the funds into a vault, becoming the first UK-listed company to recruit in this way
The UK executive recruiting group XCE announced that it will charge service fees in Bitcoin, becoming the first publicly listed recruiting company to issue invoices in Bitcoin and complete settlement. This move reflects its “dual integration strategy”: generating revenue through normal services, without any additional capital operations, to continue accumulating Bitcoin. XCE plans to promote Bitcoin settlement options and emphasizes that all Bitcoin will be directly stored in its treasury, with no fiat-to-Bitcoin conversions.
MarketWhisper2m ago
Strategist Sees Bitcoin Bear Signals, Warns Crypto Bust Could Push BTC to $10K
Bitcoin may be entering a bear phase as Bloomberg’s strategist warns rising volatility and tighter equity correlation are fueling fears of a broader crypto bust, even as bitcoin is currently rising. He points to Blackrock’s IBIT alongside tightening liquidity conditions, signaling risks of deeper a
Coinpedia1h ago
Whale Closes Major BTC and ETH Long Positions, Realizes $48.19M Profit
Gate News message, three wallets belonging to a single CEX entity fully closed 1,150 BTC and 95,000 ETH long positions, realizing a profit of $48.19 million. The whale currently holds a 25,000 ETH long position with 20x leverage in one wallet, with a floating profit of $8.1 million.
GateNews2h ago
BTC 15-minute rise of 0.54%: On-chain large transfers and capital inflows in sync boost short-term prices
From 2026-04-15 00:00 to 00:15 (UTC), the BTC price recorded a +0.54% return within 15 minutes. The range fluctuated between 74129.2 and 74680.0 USDT, with a 0.74% amplitude. This round of short-term upside momentum came alongside a synchronized increase in trading volume, boosting market attention and causing volatility to exceed the daily average level.
The main drivers behind this unusual move are that on-chain monitoring detected two large BTC transfers totaling 3050 BTC flowing into the exchange’s mainstream addresses, triggering capital to concentrate into both the spot and futures markets at the same time. Exchange net inflow
GateNews2h ago
