The Republican of Arkansas French Hill said that the holders of regulated stablecoins tied to the US dollar should not be paid interest by analogy with bank deposits.

Hill criticized the idea of ​​Coinbase CEO Brian Armstrong, who called for the Congress to create equal conditions for free competition for the banking industry and crypto industry. Armstrong is convinced that users should receive interest for the ownership of stablecoins.

The congressman replied that the American authorities are actively working on the bills on stablecoins, shifting their regulation “from the dead point”. However, stablecoins should only be a tool for making payments, making them faster, cheap and safe. Stebblecoins will not become an investment product, made Hill understand.

“Congress has already come to a consensus that stablecoins should only be used for payments. Personally, I, too, do not see similarities with stablecoins and bank account, ”the senator said.

However, the President of the Cryptolobbit company The Digital Chamber Cody Carbone supported Armstrong. According to Karbon, profitable stablecoins would allow people to make high profits without relying on traditional banks. At the same time, the US dollar could expand its dominance as a global reserve currency.

Previously, French Hill said that stablecoins are able to improve US payout. The congressman also spoke out against the launch of a digital dollar, since the Central Bank can become a direct competitor for tokens issuers.