ABA Poll Finds 57% Want Congress to Block Crypto Yield on Stablecoins If It Threatens Lending

The American Bankers Association released polling data Tuesday showing that 57% of respondents believe Congress should prohibit cryptocurrency firms from offering interest-like yields on stablecoins if such offerings could harm community lending—a finding the banking lobby is wielding in its ongoing fight against the Digital Asset Market Clarity Act.

Market Context

The ABA, which commissioned the online survey through Morning Consult, polled 2,000 U.S. adults with a margin of error around 2%. The results land as senators work to reconcile competing versions of the Clarity Act, which would establish the first comprehensive federal regulatory framework for digital assets. Banking groups have spent months pressing lawmakers and the White House to revise the bill's stablecoin provisions before it reaches the Senate floor.

Analysis

The ABA has positioned itself as a leading opponent of allowing crypto platforms to offer yield-bearing products on static stablecoin holdings. Under current Clarity Act language, crypto firms cannot pay yield directly on stablecoins held statically, though they may establish rewards programs similar to credit-card incentives for active token usage—a distinction the banking industry argues does not go far enough in protecting traditional deposit accounts.

Rob Nichols, ABA president and CEO, framed the polling as a mandate for caution. "As lawmakers consider creating a regulatory framework for stablecoin and other digital assets, they need to know that Americans don't want them to put in place rules that undermine lending and economic growth," Nichols said in a statement accompanying the survey release.

The poll's questions were constructed around assumptions that stablecoins pose risks to banking and lending—a narrative challenged by research from crypto sector advocates and countered by White House economists. When asked whether regulatory approaches should be cautious enough to avoid threatening traditional financial institutions, particularly community banks, 61% of respondents agreed. A contrarian 15% indicated the safety of the broader financial system was not a primary concern when crafting digital asset rules.

Despite the ABA's intent to bolster its legislative position, the survey revealed notable interest in digital assets among respondents. Some 30% said they are likely to purchase or use digital assets within the next year, while 24% indicated stablecoins and cryptocurrency could provide "meaningful benefits" to them personally. Currently, 17% of those polled own digital assets—10 percentage points lower than in a separate CoinDesk-commissioned survey of registered voters.

Key Numbers

- 57% believe Congress should block crypto firms from offering bank-like interest on stablecoins if it threatens community lending

- 61% agreed crypto regulations should be cautious and avoid threatening traditional financial institutions

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

- 24% said stablecoins and crypto could provide "meaningful benefits" to them

- 17% currently own digital assets, down from 27% in CoinDesk's voter survey

- 2,000 U.S. adults surveyed by Morning Consult with approximately ±2% margin of error

What to Watch

The Senate Banking Committee has already advanced compromise legislation drafted by bipartisan members that addresses some banking concerns, but the bill must still be merged with a version passed through the Senate Agriculture Committee before reaching the floor for a potential vote. The crypto industry's Blockchain Association is mobilizing opposition, having gathered signatures from 160 former law enforcement and national security officials who favor establishing "a modern federal framework in the United States for digital asset oversight." Those signatories plan to visit Senate offices Wednesday as legislators approach their summer recess.

The survey also surfaced a potential vulnerability in the banks' messaging: while respondents broadly supported protecting traditional lending, substantial minorities expressed openness to digital assets and skepticism that systemic safety concerns should constrain regulatory approaches.