Kyle Rizdahl

We don't regulate stablecoin issuers nearly as extensively as banks, and we deliberately said they can't do all the things that banks can do.

We don't regulate stablecoin issuers nearly as extensively as banks, and we deliberately said they can't do all the things that banks can do.

Timothy Massad is a research fellow at Harvard's Kennedy School and former chair of the Commodity Futures Trading Commission.

Timothy Massad is a research fellow at Harvard's Kennedy School and former chair of the Commodity Futures Trading Commission.

Can a trading platform like Coinbase, where people hold their crypto, offer you a reward or interest for keeping your stable coins with them?

Can a trading platform like Coinbase, where people hold their crypto, offer you a reward or interest for keeping your stable coins with them?

Banks say no, and they want a law that says that.

Banks say no, and they want a law that says that.

The fear is that money would leave depository institutions.

The fear is that money would leave depository institutions.

Rob Nichols is president of the American Bankers Association.

Rob Nichols is president of the American Bankers Association.

Why keep your money in a bank if you can get a higher reward stashing it as stable coins?

Why keep your money in a bank if you can get a higher reward stashing it as stable coins?

Crypto firms don't buy that.

Crypto firms don't buy that.

Buying neither side's arguments is Aaron Klein, senior fellow at Brookings.

Buying neither side's arguments is Aaron Klein, senior fellow at Brookings.

But he is still wary of interest on stablecoins.

But he is still wary of interest on stablecoins.