TD Cowen warns banks may lose stablecoin yield dispute as drawn-out battle threatens U.S. crypto bill progress

TD Cowen's Jaret Seiberg wrote in a Monday note that U.S. banks are likely to ultimately lose the political battle over stablecoin yield restrictions, even as they push to curb consumer rewards. He cautioned that the prolonged clash over how the OCC implements the GENIUS Act could create regulatory uncertainty and delay or endanger passage of the CLARITY Act market structure bill.