Banks’ stablecoin concerns are ‘unsubstantiated myths‘: Professor

A Columbia Business School professor debunked five banking industry misunderstandings about stablecoin yields as the market structure bill heads for markups this month.

The US banking industry has been pushing “myths” about stablecoin yields to protect itself, and Congress should prioritize consumers rather than highly profitable banks, argues crypto lecturer and author Omid Malekan. 

“I am disappointed that market structure legislation seems to be held up by the stablecoin yield issue. Most of the concerns bouncing around Washington are based on unsubstantiated myths,” said Adjunct Professor at Columbia Business School, Omid Malekan, on Monday. 

He stated that the passage of crypto market structure legislation in Washington “now seems to partially depend on the question of whether stablecoin issuers should be able to share their economics with third parties.”

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