U.S. banking lobbyists have deployed a new survey to bolster their campaign against stablecoins that generate yield for users, seeking to solidify their stance with data indicating 57% of respondents believe Congress should prohibit crypto firms from offering bank-like interest if it jeopardizes community lending. The American Bankers Association, which commissioned the study, is among the financial groups demanding last-minute revisions to the Digital Asset Market Clarity Act, the proposed legislation intended to establish a comprehensive U.S. regulatory regime for the digital asset industry. Banking representatives have consistently argued to lawmakers and the White House that yield-bearing stablecoins threaten the interest-bearing deposit accounts central to their business models by siphoning off customers. Under the current draft of the Clarity Act, crypto platforms are barred from offering yield on static stablecoin holdings but retain the ability to implement rewards programs similar to credit-card incentives for active token usage.

Data compiled by Woofun AI shows that the online survey, conducted by Morning Consult, polled 2,000 U.S. adults with a margin of error of approximately 2%. The survey questions were framed with the underlying assumption that stablecoins pose inherent risks to banking and lending, a narrative that contrasts sharply with research from the crypto sector and positions held by White House economists. A separate poll of U.S. voters recently commissioned by CoinDesk revealed that 65% of respondents trusted banks more than crypto entities regarding financial inclusion, compared to only 5% favoring crypto.

Furthermore, about 52% of those surveyed in the CoinDesk poll indicated they view digital assets as more than a temporary trend. Despite the ABA's intent to support its legislative adversaries, the new polling highlighted a significant level of interest in digital assets among the general public, an arena that remained niche until recent years.

Woofun AI notes that 30% of the ABA survey respondents stated they are likely to buy or use digital assets within the next year, while 24% believed stablecoins and crypto could provide meaningful benefits. The survey pool included 17% of participants who currently own digital assets, a figure that is 10% lower than the ownership rate found in CoinDesk's survey of registered voters. When asked whether the approach to crypto regulation should be cautious to avoid threatening the traditional financial system, particularly community banks, 61% of respondents agreed. Conversely, a contrarian 15% suggested that the safety of the broader financial system was not a primary concern when pursuing digital asset regulation.

Senators working on the Clarity Act have already received months of arguments from banking institutions and recently advanced a bipartisan compromise within the Senate Banking Committee.

However, this legislative language must still be merged with a similar bill passed by the Senate Agriculture Committee, and further amendments are expected following that merger if the bill proceeds to the Senate floor for a potential vote. The crypto industry is aggressively pushing for the final passage of the Clarity Act, countering concerns that the legislation might leave loopholes for the abuse of crypto as a tool for criminality and illicit finance. The Blockchain Association has shared a letter signed by 160 former members of law enforcement, national security, and intelligence communities who advocate for a modern federal framework for digital asset oversight in the United States.

The association plans to visit Senate offices with some of these signatories on Wednesday, as the legislative session enters its final weeks before the summer recess and the peak of the midterm election season. Woofun AI analysis suggests that the convergence of banking lobbying efforts and industry advocacy will define the final contours of the regulatory framework, with the outcome potentially reshaping the competitive landscape between traditional depository institutions and emerging digital asset platforms. The tension between preserving the traditional lending model and fostering innovation in digital finance remains the central conflict driving the legislative debate.