‘Crypto v community’: 4,000 local US lenders join forces to fight ‘stablecoins’ law
The Guardian Business ·
O n a quiet summer morning, above a small mid-western town, an American flag is waving in the breeze. The camera cuts to a father helping his son at the wheel of a tractor, and flits to a smiling …
O n a quiet summer morning, above a small mid-western town, an American flag is waving in the breeze. The camera cuts to a father helping his son at the wheel of a tractor, and flits to a smiling couple on a grass-lined pavement, moments before flashing to grainy images of “crypto insiders” in suits. “American families don’t want experiments with their money,” a voice booms. “They want jobs, growth, and available credit. When crypto gets a free pass, communities pay the price.” Independent Community Bankers of America (ICBA) says it’s now its turn to get its message across. Photograph: Postmodern Studio/Alamy The 30-second video , which launched in Washington DC this month, is part of a six-figure advertising campaign by the Independent Community Bankers of America (ICBA), meant to help fight a landmark bill that will determine how America’s multibillion-dollar crypto sector is regulated. The ICBA – which represents about 4,000 small community banks across the US – is concerned that the Clarity Act will let crypto companies pay out rewards and incentives for customers transferring, or using, “stablecoins”. Stablecoins are cryptocurrencies whose value is typically pegged to an asset, or currency such as the US dollar, and tend to be used as an intermediary between fiat currency and crypto. Those incentives could encourage people to shift their cash out of local lenders and on to international crypto platforms online. …
Original source: The Guardian Business