The CEO's support for legislation regulating cryptocurrencies in America is waning, threatening its passage before the congressional elections. The disagreement revolves around the rewards for stablecoins linked to the dollar, which banks oppose for fear of deposit flight. The Trump administration strongly supported the crypto sector and enacted regulatory laws, but public discontent represents the first political setback. Banks warn that the outflow of money from the banking system will weaken lending and harm small businesses.

$FIDA