U.S. bankers are pushing hard for revisions of the new stablecoin law even before regulators have begun the first steps of writing the rules.
The American Bankers Association claims that United States President Joe Biden's move will "harm investors, customers, and ultimately the financial system."
In a rare lobbying overlap with crypto world, Wall Street banks and members of Congress are asking President Joe Biden to reverse course on his vow to veto the U.S. congressional resolution to overturn the U.S. Securities and Exchange Commission's (SEC) crypto accounting policy.
The U.S. president remains the last barrier to recalling the problematic anti-crypto resolution by the SEC.