Traditional banking industry collectively opposes!
Three major banks organize to jointly appeal, rejecting direct access to the Federal Reserve payment system by cryptocurrency and fintech companies.
Demanding a 12-month observation period, stablecoin vendors are prohibited from entering until they meet safety standards, and questioning the existence of "streamlined accounts" that pose a risk of bank runs. Circle, Stripe, and other breakout plans face obstacles, and the regulatory framework has yet to be established.
