As the U.S. Senate prepares to consider the Clarity Act, creating the first-ever rules for digital assets like stablecoin, a new survey conducted by Morning Consult on behalf of the American Bankers Association finds that consumers strongly support protecting local lending and the financial system from the risks associated with allowing interest-like rewards on stablecoins.
Key takeaways from the survey include:
- By a three-to-one margin (57% vs. 19%), consumers agree that Congress should prohibit crypto companies from being able to offer interest-like rewards for holding stablecoin if there is a risk it could draw away deposits from local banks and reduce the amount of funds available to banks to lend in the community and support economic growth
- By a four-to-one margin (61% vs. 15%), consumers agree that in establishing the first-ever rules for digital assets like cryptocurrencies and stablecoins in the U.S., Congress and the administration should be cautious and not take any action that could undermine our existing financial system, especially the community banks that help drive local economic activity in some parts of the country
- Seven in 10 consumers (69%) say they would be concerned if banks had less funding available to make loans to individuals and businesses in their communities in the same manner they do today, the very risk posed by the current language in the Clarity Act
“As lawmakers consider creating a regulatory framework for stablecoin and other digital assets, they need to know that Americans don’t want them to put in place rules that undermine lending and economic growth,” ABA President and CEO Rob Nichols said. “This new survey makes clear that consumers want to prohibit crypto companies from offering interest-like rewards on stablecoins and prevent them from drawing away the deposits banks use to fund the small business and consumer lending that drives local economies.”
The survey also asked about consumers’ overall interest in digital assets at this moment in time. The responses suggest most Americans are not overly focused on crypto at this time. The poll shows:
- Three in five (58%) say digital assets are not relevant to their day-to-day financial life
- Only 24% say stablecoins, cryptocurrencies and other digital assets could provide meaningful benefits for people like them
- Consumer adoption of digital assets (like Bitcoin or stablecoin such as USDC) or non-fungible tokens (NFTs) remains low:
- Only 17% currently own digital assets
- Only 28% have ever owned digital assets
- Six in 10 are unlikely to buy, hold or use digital assets in next 12 months
ABA released an accompanying infographic highlighting the survey results.
