Banks Tread Carefully on Stablecoins

Also, Smith steps down as Blockchain Association CEO; House Republicans push agencies to rescind Biden-era rules

Lawmakers’ determination to pass stablecoin legislation poses a threat to banks, with the potential to shift the competitive landscape and allow new companies to start crowding in on their business. Yet the industry pushback so far has been remarkable for its restraint: Firms have some deep concerns about the bills rapidly moving through Congress, but a…