Bankers FURIOUS Over Crypto Yields! 😱

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Now listen here, because this is a proper kerfuffle! Old Mr. David Ripley, the boss at Kraken (sounds like a fearsome sea monster, doesn’t it?), has had a bit of a barney with a frightfully important person from the American Bankers Association – a Ms. Brooke Ybarra. She’s been bleating on about how giving decent interest on these ‘stablecoins’ is a “detriment” to those lovely, community-supporting banks. A detriment! Honestly, the cheek of it! 😤

Apparently, if places like Kraken and Coinbase were allowed to actually reward people for keeping their money with them, it would “fly in the face” of everything! According to Ms. Ybarra, stablecoins are supposed to be for spending, not for, well, growing a little bit of pocket money. The absurdity!

“A detriment to who, exactly?” snarled Mr. Ripley (or something very much like it). “People should be allowed to put their cash wherever they jolly well please, and send it about in the most efficient way possible, wouldn’t you say?” Perfectly reasonable, if you ask me.

Kraken CEO says Crypto’s Building Something… Else!

Mr. Ripley went on to point out (and quite rightly so, I might add) that banks have been pinching fees from customers’ money for ages without giving much back. He said:

“We are building toward something else – a system where services once reserved for the toffs are accessible to everyone.”

And he’s not the only one getting a bit huffy! Dan Spuller from the Blockchain Association chimed in. He thinks these Big Banks are being rather nasty bullies, specifically targeting @Coinbase and @KrakenFX to protect their own little patch.

“Translation: competition’s winning,” Spuller said. Oh, it’s always about the competition, isn’t it? Like a pack of ravenous wolves guarding their dinner! 🐺

Now, get this: some of these stablecoins will give you up to 5% on your money! 5%! Whereas the average bank in the US offers, are you sitting down?… a measly 0.6%. It’s daylight robbery, I tell you! Daylight robbery!

A clever clogs called Voss, a developer who tinkers with Solana, said, “Bring on the competition, it’s a capitalist world anyway.” Quite! He’s a sensible one, that Voss.

All this happened not long after that Mr. Donald Trump signed off on something called the Genius Act (a rather optimistic name, if you ask me). This Act is supposed to sort out all the rules for stablecoins. Hopefully, it won’t be too complicated! 😖

Crypto is Giving TradFi a Nudge

Apparently, these stablecoins might even be safer than putting your money in a regular bank. A chap called Diogo Monica from Haun Ventures says they’re backed by very secure things like US Treasury bills. Fancy that!

And it’s not just here! Over in Australia, people are having trouble using crypto with their banks. Mr. Matt Poblocki from Binance says this makes things difficult for everyone involved. It’s a bit like trying to push a pea up a hill, really.

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2025-10-22 05:54