PANews January 21 News, according to CoinDesk, White House Cryptocurrency and Artificial Intelligence Advisor David Sacks stated that once new market structure legislation is passed, the US banking industry will widely adopt cryptocurrencies, especially stablecoins. He predicts that the boundaries between banks and the crypto industry will disappear, ultimately merging into a “digital asset industry.”
Sacks pointed out that many large banks are currently on the sidelines due to unclear regulations, but legislation will provide a clear framework for institutional participation. He believes banks may see issuing stablecoins as a way to generate revenue and compete with fintech companies. Although the banking industry is currently lobbying against allowing companies to earn from stablecoins, Sacks expects that in the future, banks will also tend to pay yields through stablecoin businesses.
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