Ripple Advocate Trashes Banks As They Strive to Ban Stablecoin Yields Through Legislation

John Deaton, a vocal Ripple advocate, has taken to his account on X (formerly Twitter) to share his take on the current discussions regarding the CLARITY Act relating to crypto and stablecoins. These discussions are taking place in the White House at the moment between top crypto companies, i.e., Ripple, Coinbase, etc, legislators, and US banks.

While banks are trying hard to ban yields on stablecoins, crypto companies are striving to oppose them, hoping to see pro-crypto regulation integrated and to see the US become the global crypto hub.

John Deaton trashes banks as "enemy of regular people"

Deaton has shared a tweet by Eleanor Terrett, a host of the Crypto in America podcast and a former Fox Business journalist, about a new turn the discussions of the CLARITY Act in the White House have taken.

Terrett’s post provides details of the recent meeting in the White House dedicated to stablecoins and yield prohibitions raised by US banks. While the crypto industry was represented by such behemoths as Ripple, Coinbase, a16z, the Blockchain Association, etc, banks were represented by the American Bankers Association and Bank Policy Institute, and Independent Community Bankers of America.

According to the post, the meeting has been described by crypto participants as “productive” and “constructive.” By now, substantial progress has been achieved – earning yield on idle crypto balances, which initially was the major goal of the crypto companies, is now off the table. Any future restrictions on rewards would be strictly limited, the post says. What they are debating about now is whether crypto firms can offer rewards linked to certain activities.

However, the journalist added that she has been receiving contradictory data – positive ones from the crypto side and also positive ones from the banks’ side of the debate. Terrett mentioned that banks still hope to enforce anti-evasion penalties of $500,000 per day via the SEC, Treasury, and CFTC.

John Deaton reacted to this by trashing banks, saying they were enemies of average users way before crypto: “Banks have been the enemy of regular people for as long as I’ve been alive.”