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TD Cowen analyst Jaret Seiberg said that on Monday (May 12), five major U.S. bank industry groups formally opposed a proposed stablecoin yield compensation plan. The groups—Bank Policy Institute, Financial Services Forum, Independent Community Bankers of America, Consumer Bankers Association, and American Bankers Association—said the compensation would allow platforms to offer rewards on transaction-linked stablecoins, “failing to address” their concerns.

Seiberg noted that this unified stance from large and mid-to-small banks strengthens their position in the legislative battle. “We think there is no middle ground that can satisfy both banks and major crypto platforms,” he said, adding that banks want to block yield payments intended to keep retail investors’ liquidity in crypto wallets. The analyst said the Senate review process could be delayed until June, with an August recess as the final deadline to pass the Clarity Act. GMGN

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