Search results for Brian Moynihan
Crypto
Trump says he will not sign other bills before SAVE America Act, shaking CLARITY Act timeline
U.S. President Donald Trump said he will not sign other bills until the SAVE America Act, mandating identity and citizenship checks for voter registration, passes in a stronger form, creating new uncertainty for the digital asset regulation CLARITY Act. SAVE cleared the House narrowly but faces a Senate filibuster. CLARITY passed the House with bipartisan support but has been stalled in the Senate amid disputes over stablecoin-like interest provisions.
Crypto
ABA makes ban on interest-bearing stablecoins top 2026 policy priority
The American Bankers Association, which represents the U.S. banking industry, has named a ban on interest-bearing stablecoins as its top policy priority for 2026. It warned that payment stablecoins offering interest or rewards could function as substitutes for consumer deposits, potentially eroding the deposit base underpinning the financial system, particularly at regional banks. The stance follows rapid stablecoin growth and issuers offering 4 to 5 percent annual interest to attract users.
Crypto
BoA warns interest-bearing stablecoins could drain 35 percent of U.S. bank deposits
Bank of America CEO Brian Moynihan says the spread of interest-bearing stablecoins could trigger as much as $6 trillion in deposit outflows from the U.S. banking system, about 30 to 35 percent of total commercial bank deposits. He says stablecoins could weaken banks’ deposit base, reduce lending capacity and lift funding and borrowing costs, hitting small and midsize businesses hardest. U.S. lawmakers are discussing limits, drawing mixed reactions from the crypto industry.