As partners work to unify crypto and traditional finance under a single rulebook, U.S. banks are lobbying Congress to limit how digital dollars generate returns and how financial data is shared.
The American Bankers Association’s (ABA) policy priorities for 2026 call for banning payment stablecoin yield and revising open banking rules to promote what it describes as consumer protection and competitive balance.
Critics – primarily in the crypto and fintech sector – say this approach would tip the scales in favor of banks by limiting how crypto wallets, stablecoin issuers and fintech apps reach users at a pivotal moment in US crypto regulation.
These positions come as the Senate works to advance a sweeping crypto market structure bill that would define how federal regulators oversee digital asset markets. Stablecoin yield has become one of the most contentious issues in these negotiations, contributing to last week’s postponement of a key raise from the Senate Banking Committee after Coinbase withdrew its support.
Regarding stablecoins, the ABA and executives of major banks have warned that yield-bearing tokens could replace bank deposits, withdrawing funding from the banking system and reducing lending capacity. Bank executives, like Bank of America CEO Brian Moynihan, have cited the risk of potential multibillion-dollar deposit outflows if stablecoin rewards are not explicitly reduced in market structure legislation.
The fight for open banking is more nuanced but closely related. Section 1033 is designed to give consumers the right to freely share their financial data with third-party services, a critical on-ramp for crypto wallets, stablecoin applications, and exchanges.
Banks have called for revisions clarifying accountability and data access standards, while fintech and crypto groups say the changes would allow banks to impose fees or restrictions that undermine open banking in practice.
For the ABA, both fights aim for the same objective. By tightening the rules regarding the stable yield of coins and reshaping the way open banking is implemented, the group is working to ensure that the integration of crypto into the financial system occurs on the terms set by the bank.
While developing the Market Structure Bill, the ABA plan indicates that the banking industry wants digital dollars and data flows to be firmly anchored within the regulated banking scope.
