CEO of Bank of America warns that approximately 6.000 triliun USD deposit (equivalent to 30-35% of total bank deposits in the US) could shift to stablecoin.

🔷 This shift will reduce the funding sources for traditional banking systems, forcing banks to seek wholesale funding at higher costs.

🔷 CEO Moynihan believes that the structure of stablecoins is similar to money market funds, where reserves are held in short-term instruments like government bonds instead of being reinvested into economic loans.

🔷 The debate focuses on the new crypto market structure bill by Senator Tim Scott, which includes provisions banning service providers from paying interest to users solely for holding stablecoins.

🔷 The bill also raises concerns about expanding financial oversight and potentially affecting reward programs (rewards) on exchanges.

🔷 Coinbase has officially withdrawn support for this bill, arguing that new regulations will "destroy" the benefits associated with stablecoins.

🔷 The bill review meeting has been postponed due to over 70 amendments submitted and intense lobbying from both the banking industry and the crypto sector.#WeekendMarketPredictions #PrivacyCoinsDiverge $BTC $SOL