WASHINGTON / LONDON (IT BOLTWISE) – Kraken CEO David Ripley has responded to criticism from the American Bankers Association that calls stablecoin yields harmful to banks. Ripley argues that consumers should have the freedom to decide where to invest their money. The debate highlights the growing tensions between traditional banks and the crypto industry.
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Kraken CEO David Ripley has responded forcefully to criticism from the American Bankers Association (ABA), which calls stablecoin yields harmful to banks’ ability to support their community. Brooke Ybarra, senior vice president of innovation and strategy at the ABA, had argued that paying interest on stablecoins by major crypto exchanges such as Kraken or Coinbase contradicts the purpose of stablecoins as a means of payment.
Ripley countered by asking who would actually be harmed by these supposed disadvantages. He emphasized that consumers should have the freedom to decide where to invest their money and how to transfer it most efficiently. According to Ripley, the crypto industry is building a system that makes services once reserved only for the wealthy available to everyone.
Ripley received support from the crypto industry. Dan Spuller of the Blockchain Association criticized major banks for targeting companies like Coinbase and Kraken to protect their market position. This dispute highlights the increasing competition between traditional financial institutions and the emerging crypto industry.
The discussion about stablecoins and their role in the financial system is not new. Some stablecoins offer yields of up to 5% on certain platforms, which is significantly higher than the national average savings interest rate in the US. This development could further drive stablecoin adoption, especially after the US government recently adopted a comprehensive regulatory framework for stablecoins.
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