Crypto Groups Protest Proposed Banking Rules, Claim Innovation Risks Suppression

The Crypto Council for Innovation (CCI) and the Blockchain Association have voiced their opposition to banking proposals that they argue will stifle innovation in the cryptocurrency industry. The groups urged lawmakers to reject recommendations from the American Bankers Association (ABA) and state banking groups, arguing these proposals prioritize protecting banks from competition over safeguarding consumers. They claim the banking lobby’s suggestions would favor banks at the expense of consumer access to innovative financial products and services.