I have to be honest I know about the Clarity act taking place in the US with regard to crypto, but I have not been paying close attention to it especially as it has been deferred/rejected a few times already. I am a firm believer in regulation for crypto as the sooner this can happen the sooner we shall see mass adoption. Many institutions have been holding back due to lack of regulation so until this Clarity Act is passed the chances of seeing new money flow into crypto are very slim.
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Banks would be the ones opposing the Clarity Act with regard to stablecoins due to them not being able to match those APR payments. Banks have been the gatekeepers of money and this is definitely a threat to their existence with regard to keeping things that way. The idea that the man in the street will no longer just have this bank or that bank as his choice and will be able to move their money elsewhere offering higher yields of interest is the reality.
Most of us have been long enough in crypto to understand how the stablecoins and the staking works and know enough highlighting the advantages over this versus what your local bank will offer you. If one was looking to have a savings account solely for earning a higher interest then a bank would not be part of the discussion as their offerings are somewhat light and would not be the best option.
This evening I took a quick look at the local bank accounts in South Africa just to get a general idea of what they offered. As expected they vary between 3.95% and 5% and for anything above that figure one would have to lock their funds up for a much longer period of time.
One account being Investec offers around 9%, but for that they would like you to sign up for a term of 10 years which is absurd. Just thinking our very own HBD offers 12% currently and is down form 15%, but is still significantly better than a so called bank offering their best deal, but with a catch of a 10 year time frame.
Last week i moved my extra savings on my Revolut account to earn 4% which is paid out daily so when compounded daily it is actually closer to 4.5% and there is no time restrictions or lock up periods. I just see this as a service and not really a savings account but a bank account of convenience that helps pay monthly bills along with daily use.
Banks over the last decade have become far more forceful in how they treat their "clients' telling them what they can and cannot do especially with regard to crypto buying and selling. Having an off ramp is what we all want and the last thing we need is a bank saying no because that does not sound like providing a service in my view.
Banks in South Africa with regard to crypto are a no go zone anyway especially with the proposed new crypto regulations that have been proposed. Banks for now are purely a convenience and this is sure to change in the future when more choices with regard to crypto are available. With the banks opposing the Clarity Act all they are doing is delaying the inevitable and are going to be in trouble now or later. Already they are losing the Forex side of the business as that will no longer be required once crypto is main stream.