Congress Holds Back on Stablecoin Interest in STABLE Act

The U.S. Congress has opted to maintain its stance against allowing stablecoin holders to earn interest, as per a report from PANews. Despite calls from the cryptocurrency industry for such provisions, the STABLE Act currently lacks this feature. Chairman French Hill of the House Financial Services Committee defended the decision, stating it aims to regulate payment systems and not create financial investment tools. Industry experts are expressing disappointment, arguing that this omission safeguards traditional banking interests while hindering financial innovation and promoting unfair competition in the industry.