[Galaxy CEO: The Real Friction Point of the Crypto Market Structure Bill Lies with Banks] According to a report by Jinse Finance, Galaxy CEO Michael Novogratz pointed out the reasons behind the slow progress of the crypto market structure bill. He stated that both parties want to pass this bill, and there is no issue with that in itself. The real friction point lies with the banks—especially regarding stablecoins. Currently, large banks pay depositors almost zero interest (around 1-11 basis points), while deposits placed with the Federal Reserve can earn returns of 3.5-4%. The emergence of stablecoins threatens this interest rate spread. If consumers can earn returns elsewhere, deposits will shift—and banks' profits will decrease. This is why this has become such an intense lobbying battle. If stablecoins are allowed to compete, banks will either lose deposits or have to pay consumers more. This is the trade-off that lawmakers are working hard to weigh. So yes, this is indeed a contest between the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). But ultimately, it’s about who gets to control the economic benefits of your money. This is why this bill is harder to pass than it seems.