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The Stablecoin Paradox: When Banks Quietly Win the War They Claim to Be Losing The conventional wisdom of the past eighteen months has cast the relationship between traditional banking and the cryptocurrency industry as a war of attrition, with Wall Street allegedly on the back foot.
Headlines describing the Digital Asset Market Clarity Act tend to frame it as a regulatory victory for crypto upstarts and a defeat for entrenched financial institutions.
Yet the substance of the proposed legislation, read carefully, tells a very different story. The banks may be losing the publicity contest. They are winning, decisively, on the only battlefield that actually matters.
Consider what the bill, in its current form, does not do. It does not place stablecoin oversight under the Federal Reserve, the Office of the Comptroller of the Currency, or any state banking authority.
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