White House economists from the Council of Economic Advisers (CEA) have released a report opposing the ban on stablecoin yields. According to the report, banning crypto firms from offering customers yield on stablecoins would not significantly impact community banks.
The report comes as part of the ongoing debate surrounding the Clarity Act, which aims to close perceived loopholes in existing legislation. The economists argue that prohibiting yield on stablecoins would have little effect on bank lending and would forgo consumer benefits.