Bank of America begins lobbying for stablecoin issuance rules that favor banks over technology companies

Bank of America is lobbying for stablecoin issuance rules that favor banks over tech companies, as a high-stakes power struggle plays out between traditional banks, tech giants, and cryptocurrency firms such as Tether. According to people familiar with the matter, Bank of America is largely lobbying industry groups such as the Bank Policy Institute and the American Bankers Association to urge lawmakers to enact rules that favor established banks issuing stablecoins, while restricting commercial companies such as large tech companies (non-banks) like Amazon and Meta from issuing dollar-backed crypto tokens.