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US Senators Warn Stablecoin Yields Could Trigger Bank Deposit Flight
Stablecoin yield programs returned to the spotlight this week as members of the Senate Banking Committee raised concerns that offering rewards on dollar-backed tokens could blur the line between crypto products and traditional bank deposits. During a Thursday hearing with top banking regulators, Sen. Angela Alsobrooks, D-Md., said lawmakers support financial innovation but remain wary of structures that resemble insured deposits without equivalent safeguards. “Our concern is offering a bank-like product, like a bank deposit, without any of the protections or regulations that accompany that product and what that ... (full story)
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