Cracks in traditional finance don't always begin with a "big event." It starts with a single regulatory stipulation or provision, and then money flows through that gap, turning the tables. The current debate over stablecoins in the US is a prime example. The Digital Asset Clarity Act, as its name suggests, aims to clarify market rules, but it stalled on the ballot with a bombshell provision: a ban on stablecoin rewards and interest payments.
And this scene isn't simply a "crypto industry vs. regulators" battle. More precisely, it's the moment when "narrow banking," the banking industry's greatest fear, becomes a reality in the form of stablecoins.
Are bank deposits safe? No, it only seems that way.
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