FILE PHOTO: A general view shows the West front of the U.S. Capitol building, in Washington, DC, U.S., January 19, 2025. REUTERS/Fabrizio Bensch/File Photo
(Reuters) - Some influential cryptocurrency executives are making a last-minute pitch to Congress to allow interest to be paid on U.S. dollar-pegged tokens as part of popular legislation establishing a regulatory framework for stablecoins.
That lobbying effort has been met with mixed reactions from lawmakers, and has also raised concerns from financial industry watchdogs who warn yield-bearing stablecoins could encourage consumers to move deposits into uninsured crypto accounts and out of the regulated banking system.
