PANews February 14 News, according to Cryptopolitan, White House crypto policy advisor Patrick Witt stated that the ability of crypto platforms to offer stablecoin yields does not pose a fundamental threat to the U.S. banking industry, and banks and crypto companies can coexist and benefit from each other. Witt said that stablecoin yields should not be seen as a threat to banks, as both sectors have opportunities for innovation and to offer similar services. He pointed out that banks already have the tools and regulatory pathways to launch similar products, such as applying for digital asset licenses through the Office of the Comptroller of the Currency, and many banks are moving in this direction. He believes stablecoins can help banks expand their customer base and develop new financial products, and should be viewed as a competitive advantage rather than a competitor.
U.S. Treasury Secretary Scott Bessent warned that if political power in Congress shifts, crypto legislation could be delayed or overturned. Observers noted that as the election season approaches, lawmakers’ focus may turn to campaigning, and the current legislative window will not remain open forever. Witt stated that the controversy over stablecoin yields has been exaggerated, and he remains optimistic about reaching a consensus.
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