TechFlow News, February 6: According to The Block, U.S. Senator Cynthia Lummis recently urged banks to embrace stablecoins and digital assets during an interview with Fox Business, stating that doing so would present financial institutions with new product opportunities. Lummis expressed confusion over banks’ resistance, emphasizing that stablecoins could significantly improve transaction efficiency by shortening settlement times and reducing costs. However, the U.S. Crypto Market Structure Bill has been delayed due to controversy surrounding its provisions on stablecoin yields; banking groups oppose crypto platforms paying interest on stablecoin balances, fearing such practices would divert traditional bank deposits.
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