Headline: Глава Bank of America предупреждает о возможной утечке $6 трлн из банков в стейблкоины Translation: Head of Bank of America warns of potential $6 trillion outflow from banks into stablecoins

The CEO of Bank of America, Brian Moynihan, has acknowledged a potential shift of up to $6 trillion from the American banking system into stablecoins. This amount represents approximately 30-35% of the nation’s total deposits.

This forecast is grounded in a study conducted by the U.S. Treasury. Previously, the Institute of Banking Policy referred to the same report, cautioning about the risks of a capital flight estimated at $6.6 trillion.

Moynihan drew a parallel between stablecoins and money market funds, noting that their reserves are typically invested in short-term government bonds rather than being used for lending. Consequently, liquidity is drained from the traditional banking sector, depriving banks of resources needed to extend credit to businesses and consumers.

*»If you withdraw deposits, they will either be unable to make loans, or they will need to seek wholesale funding, which will come at a cost,»* said Bank of America’s leader.

U.S. lawmakers are working on addressing this issue. The latest version of the Clarity Act, introduced by Senator Tim Scott, prohibits digital asset providers from paying interest or any income «simply for holding» stablecoins.

However, the bill allows for rewards based on active participation in the ecosystem, with exceptions made for income from:

The Senate Banking Committee had planned to review the bill on January 15, but the meeting was postponed. Scott cited the need for further discussions.

*»I’ve spoken with leaders in the crypto industry, the financial sector, and my colleagues from both the Democratic and Republican parties; all parties are still at the negotiating table, acting in good faith,»* he wrote.

The politician did not provide a new date for the meeting.

Earlier, the Senate Agriculture Committee postponed reviewing the bill to January 27.

*»We have made progress in discussions and are having constructive dialogue, but we need more time to resolve the remaining contentious issues and gain the broad support needed for such legislation,»* explained Republican John Boozman.

The House of Representatives passed its version of the document in July. The next step requires approval from two relevant Senate committees: Banking (overseeing the SEC) and Agriculture (responsible for the CFTC). Only after that will the bill be brought to a general vote.

The latest version of the bill has sparked debates within the crypto community, with many disagreeing on the restrictions concerning stablecoin payouts.

Coinbase was the first to withdraw its support for the legislation. Its CEO, Brian Armstrong, stated that the updated proposal is «significantly worse than the current situation.»

Among the «problematic» provisions he highlighted were:

*»We would prefer not to have any law at all than to have this one. We hope that we can all come to a better solution,»* Armstrong stated.

He was supported by Ryan Rasmussen, head of research at Bitwise.

*»If the banking lobby succeeds in prohibiting returns on stablecoins, it will be direct evidence that the Senate is working in the interests of banks, not the people. […] Any support for this provision from elected representatives is unjustifiable,»* added Ryan Sean Adams, host of the Bankless podcast.

Crypto lawyer Jake Chervinsky urged against jumping to conclusions. He is confident that industry representatives will manage to propose amendments to the bill while it is under review.

*»The text will change significantly before it becomes law. Let’s hope for the best,»* he wrote.

Some experts approved of the current version of the Clarity Act. Chris Dixon, managing partner at a16z Crypto, emphasized that the community «needs clear rules of the game.»

The investor described the document as the result of five years of collaboration between business and government, involving both congressional parties and Donald Trump’s team. According to Dixon, the initiative ensures the protection of decentralization and fair conditions for entrepreneurs.

*»At its core, the bill serves these purposes. It’s not perfect, adjustments are needed. But now is the right time to push for Clarity, especially if we want the United States to remain the best place to build the future of cryptocurrencies,»* Dixon concluded.

Peter Van Valkenburg, executive director of Coin Center, also remarked that he is «optimistic about the current market structure bill.»

Earlier, in January, JPMorgan Chase’s Chief Financial Officer Jeremy Barnum warned about the dangers of income-generating stablecoins.