[DigitalToday reporter Chi-gyu Hwang] Financial expert Rick Edelman warned that a dispute over stablecoin interest rates could threaten clarity on cryptocurrency regulation, CoinDesk reported on Monday.
Appearing on "Market Outlook", he said, "This is not an issue the crypto industry should insist on," and stressed the need for compromise to pass legislation.
Banks oppose stablecoins, saying they will siphon deposits, and Edelman said, "Bank lobbying is strong, so there is a high chance they will ultimately win." He said the crypto market could surge if a bill passes, but if it does not pass before the midterm elections, it is likely to be delayed for a long time.
Edelman said securing regulatory clarity is more important than stablecoin interest rates and warned that without compromise, the market could fall into a prolonged slump. He added that as the crypto market matures, it will consolidate around major coins, and that Bitcoin is likely to reach $500,000 by 2030.
Chi-gyu Hwang
delight@d-today.co.kr