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U.S. Banks and Crypto Sector May Converge Into Single Digital Asset Industry, White House Adviser Says

U.S. traditional banks and the crypto industry are likely to merge into a unified "digital asset industry" as Congress advances new market structure legislation, White House adviser on crypto and AI David Sacks said on Jan. 21, CoinDesk reports. Banks may enter the crypto market by issuing stablecoins and could use these stablecoins as yield-bearing tools to compete with fintech firms, he noted. The proposed legislation targets equal regulation for similar products while balancing stakeholder interests and opening more room for institutional capital to access the crypto market.
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