Banks push to slow stablecoin law as Agora races for charter
Analysis
Price Impact
MedBanks are pushing to slow down stablecoin legislation, which could affect the adoption and regulation of major stablecoins like usdt and usdc. this delay might create uncertainty, but a clearer regulatory path in the long term is generally seen as positive for stablecoins.
Trustworthiness
HighPrice Direction
NeutralWhile increased regulation could eventually benefit stablecoins by increasing trust, the immediate pushback from banks to slow down the process creates uncertainty. the market reaction is likely to be neutral in the short term as investors await further developments.
Time Effect
LongThe pushback from banks suggests a potentially protracted legislative and regulatory process. the full impact on stablecoins and the broader crypto market will likely unfold over a longer period as the 'genius act' and similar proposals are debated and implemented.
Original Article:
Article Content:
CoinDesk News Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Banks push to slow stablecoin law as Agora races for charter U.S. banks are looking to delay landmark stablecoin legislation even as crypto firms like Agora push ahead. By AI Boost | Edited by Jennifer Sanasie Apr 30, 2026, 1:56 p.m. 2 min read Make preferred on Latest developments: Banking groups want regulators to pump the brakes on the Genius Act rollout. Major U.S. banks have asked for extended public comment periods before full implementation. Agora CEO Nick van Eck said the move is “not much of a surprise,” calling the law one of the most significant in banking history Van Eck expects continued efforts to slow the process over the next year as banks assess risks to their business models Reading between the lines: The fight centers on deposits and yield economics. Van Eck argued banks’ real concern is “deposit flight” if stablecoin issuers can pass through rewards to users Traditional banks currently profit from the spread between near-zero deposit rates and higher returns at the Fed, he said Why it matters: A unified federal framework could reshape U.S. finance. Van Eck said a national regime would boost innovation and global dollar adoption The Genius Act would require stablecoin issuers to operate as banks, raising the bar for entry The outcome could determine whether crypto firms or traditional banks dominate digital dollar infrastructure Closer look: Agora is betting on a bank charter to compete. The firm filed for a national trust bank charter with the OCC last week, aiming for approval by year-end A charter would allow Agora to issue stablecoins directly under federal oversight Van Eck said direct issuance could eliminate “egregious fees” in fiat-to-crypto on/off ramps What comes next: Agora is eyeing a broader financial stack. The company plans to expand beyond issuance into custody, compliance, and infrastructure services Van Eck said the goal is to bring businesses “on-chain without them knowing it,” emphasizing seamless integration Media Network Interview Regulation Stablecoins AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards . For more information, see CoinDesk's full AI Policy . More For You Bitcoin ETFs fuel institutional surge, 21Shares' CIO sees $100K possible by year-end By AI Boost | Edited by Jennifer Sanasie 22 hours ago Bitcoin’s growing ETF inflows and institutional adoption are reinforcing its role in portfolios, even as prices struggle below $80,000. Read full story Latest Crypto News CoinDesk 20 performance update: Aptos (APT) gains 4.4% as nearly all assets rise 32 minutes ago The long con: How North Korean spies spent months in-person to drain $285 million from Drift 58 minutes ago MARA Holdings to buy Long Ridge Energy in $1.5 billion AI data center push 1 hour ago Germany’s AllUnity expands EURAU to Solana as euro stablecoins gain traction 1 hour ago The Green Beret was just the start: New data suggests military insider trading crisis on Polymarket 1 hour ago Seasonal trends favor bulls even as bitcoin ends April in a defensive mood 2 hours ago Top Stories Wasabi Protocol drained of $4.5 million in apparent admin key compromise 3 hours ago Bitcoin faces $80,000 resistance as derivatives show signs of risk aversion 2 hours ago Trump-backed World Liberty Financial races toward 62 billion token unlock with near-unanimous vote 6 hours ago Jack Mallers' Twenty One Capital surges after majority holder Tether proposes 3-way merger 15 hours ago Dogecoin zooms 10%, breaking away from bitcoin as open interest hits a yearly peak 6 hours ago XO Market bets on user-generated prediction markets to rival Polymarket and Kalshi 4 hours ago