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Jinse Finance reported that Galaxy CEO Michael Novogratz pointed out the reasons for the slow progress of the cryptocurrency market structure bill. He said that both parties want to pass this bill, which in itself is not a problem. The real friction point lies with the banks—especially regarding stablecoins. Currently, large banks pay depositors almost zero interest (about 1-11 basis points), while deposits placed at the Federal Reserve can earn a yield of 3.5-4%. The emergence of stablecoins threatens this interest rate spread. If consumers can earn yields elsewhere, deposits will shift—and banks’ profits will decrease. That’s why this is such an intense lobbying battle. If stablecoins are allowed to compete, banks will either lose deposits or have to pay consumers more. This is the trade-off that legislators are working hard to balance. So yes, it is indeed a contest between the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). But ultimately, it’s about who can control the economic benefits of your funds. That’s why this bill is harder to pass than it appears.

Jinse Finance reported that research by the Bank for International Settlements shows that stablecoins are closely related to the pricing dynamics of safe assets. This means that term premium shocks are not just a matter of "macro sentiment"; they also affect the yield, demand, and on-chain liquidity conditions of stablecoins. When the term premium rises, the cost of holding for a period also increases, which may spill over into stablecoin reserve management and alter the liquidity of risk trades. While bitcoin may not directly replace government bonds, in its ecosystem, government bond pricing sets the "risk-free" benchmark.

Bloomberg ETF analyst James Seyffart stated on social media that banks' concerns about stablecoin yields are puzzling. There are already many high-yield savings accounts on the market with yields reaching 3% or even higher, such as Betterment, Marcus/Goldman, CIT, SoFi, AmEx, Wealthfront, etc. These accounts also put pressure on deposits with yields below 0%, similar to the impact of stablecoin yields.