A new survey commissioned by the American Bankers Association found that 57% of respondents believe Congress should stop crypto firms from offering anything resembling bank interest on stablecoins if it could harm community lending, providing ammunition for the banking industry's ongoing lobbying campaign against the Digital Asset Market Clarity Act.

Market Context

The ABA released its polling data as Senate lawmakers work to reconcile competing versions of the Clarity Act, which would establish a federal regulatory framework for digital assets. The legislation has already advanced through the Senate Banking Committee with bipartisan compromise language addressing stablecoins, though that text must still be merged with a version passed by the Senate Agriculture Committee before reaching the full Senate floor.

Analysis

The survey, conducted online by Morning Consult among 2,000 U.S. adults with a margin of error around 2%, was worded with assumptions that stablecoins pose risks to traditional banking and lending—a framing contested by crypto industry researchers and countered by White House economists. The ABA, which lobbies against the crypto sector over the Clarity Act's stablecoin provisions, is among the banking groups pushing for last-minute changes to the bill's language around stablecoins.

The banks argue that stablecoin yield offerings would draw customers away from interest-bearing deposit accounts that form the foundation of their business model. Under current Clarity Act draft language, crypto platforms would be prohibited from offering yield on static stablecoin holdings but could establish rewards programs similar to credit-card reward structures for active token use.

Despite the ABA's intent to bolster its anti-crypto position, the polling revealed notable interest in digital assets among respondents. Some 30% indicated they are likely to buy or use digital assets within the next year, while 24% said stablecoins and crypto could provide meaningful benefits to them personally.

The survey also found that 61% of respondents agreed the approach to crypto regulations should be cautious and avoid threatening the traditional financial system, particularly community banks. A contrarian 15% expressed that safety concerns for the broader financial system shouldn't impede digital asset regulation.

Key Numbers

- 57% support restricting stablecoin yield offerings if they could harm community lending

- 30% likely to buy or use digital assets in the next year

- 24% see meaningful benefits from stablecoins and crypto

- 17% currently own digital assets (10 percentage points lower than CoinDesk's voter survey)

- 61% favor cautious approach to crypto rules protecting traditional finance

What to Watch

Senators crafting the Clarity Act face the task of merging from the Senate Banking Committee and Agriculture Committee. The crypto industry, represented by groups like the Blockchain Association, continues pushing for final passage while countering concerns about digital assets being used for illicit finance. The association plans visits to Senate offices with 160 former law enforcement and national security officials who support establishing a modern federal framework for digital asset oversight before the summer recess and midterm election season.

The ABA's polling also comes as other regulatory bodies weigh in on stablecoins, including the Bank of England's proposal for limits of 20,000 pounds per coin for individuals and 10 million pounds for businesses, with a U.K. House of Lords committee recommending reconsideration of such holding caps.