Bank of America CEO admits $$6 trillion fleeing from banks into stablecoins - ForkLog: cryptocurrencies, AI, singularity, the future

# The head of Bank of America has allowed the outflow of $6 trillion from banks into stablecoins

Bank of America CEO Brian Moynihan has permitted the transfer of up to $6 trillion from the US banking system into stablecoins. This accounts for approximately 30–35% of the total deposits in the country.

The forecast is based on a US Treasury Department study. Previously, the same report was cited by the Banking Policy Institute, warning of a capital outflow risk totaling $6.6 trillion.

Moynihan compared “stablecoins” to money market funds: their reserves are usually invested in short-term government bonds rather than used for lending. As a result, liquidity is leaving the traditional sector, depriving banks of resources to lend to businesses and consumers.

“If you withdraw deposits, they either won’t be able to lend or will have to raise wholesale funding, which will have its own cost,” — said the CEO of Bank of America.

Legislative Debates

American lawmakers are trying to regulate this issue. The latest version of the Clarity Act bill, introduced by Senator Tim Scott, prohibits digital asset providers from paying interest or any income “just for owning” a stablecoin.

However, the document allows rewards for active participation in the ecosystem. Exceptions are made for income from:

• providing liquidity;
• participating in protocol governance;
• staking;
• other activities that ensure network functionality.

The Senate Banking Committee planned to consider the bill on January 15, but the meeting was postponed. Scott cited the need for additional discussions.

I’ve spoken with leaders across the crypto industry, the financial sector, and my Democratic and Republican colleagues, and everyone remains at the table working in good faith.

As we take a brief pause before moving to a markup, this market structure bill reflects months of…

— Senator Tim Scott (@SenatorTimScott) January 15, 2026

“I have spoken with leaders of the crypto industry, the financial sector, and my Democratic and Republican colleagues; all sides remain at the negotiating table, acting in good faith,” — he wrote

The politician did not specify a new date.

Earlier, the Senate Agriculture Committee postponed the bill review to January 27.

“We have made progress in discussions and are engaged in constructive dialogue, but we need more time to resolve remaining contentious issues and gain broad support for such legislation,” — explained Republican John Bozeman.

The House of Representatives approved its version of the document in July. Now, the process requires approval in two Senate committees: the Banking Committee, which oversees SEC(, and the Agriculture Committee, which is responsible for CFTC). Only after that will the bill be put to a general vote.

Crypto Industry Discontent

The latest version of the bill has sparked controversy in the crypto community. Many disagree with the restrictions on stablecoin payouts.

Coinbase was the first to withdraw support for the document. Its CEO, Brian Armstrong, stated that the revised draft is “significantly worse than the current situation.”

After reviewing the Senate Banking draft text over the last 48hrs, Coinbase unfortunately can’t support the bill as written.

There are too many issues, including:

— A de facto ban on tokenized equities
— DeFi prohibitions, giving the government unlimited access to your financial…

— Brian Armstrong (@brian_armstrong) January 14, 2026

Among the “problematic” provisions he highlighted:

• a de facto ban on tokenized equities;
• strict restrictions on the DeFi sector, which paralyze its development;
• violation of user rights and privacy threats;
• weakening of CFTC, whose regulatory model is most suitable for innovative assets;
• elimination of the ability to earn passive income from stablecoins.

“We would prefer not to have any law at all than one like this. We hope we can all come to a better solution,” — wrote Armstrong.

His support was also expressed by Bitwise Research Head Ryan Rasmussen.

“If the banking lobby succeeds in banning stablecoin yields, it will be direct proof that the Senate is working in the interests of banks, not the people. […] Any support for this provision from elected representatives is unjustified,” — added Ryan Shawn Adams, host of the Bankless podcast.

Crypto lawyer Jake Chervinsky urged not to jump to conclusions prematurely. He is confident that industry representatives will have time to propose amendments while the bill is still being refined.

1/ 🚨 Market structure goes to markup tomorrow!

This is a historic moment for crypto in Washington. Senate Banking has done extraordinary work putting together a strong product.

There’s a lot to like in the new draft, but also some key issues left to address. Let’s discuss 🧵

— Jake Chervinsky (@jchervinsky) January 14, 2026

“The text will change significantly before it becomes law. Let’s hope for the best,” — he wrote.

Some experts approved the current version of the Clarity Act. Managing Partner at a16z Crypto, Chris Dixon, emphasized that the community “needs clear rules of the game.”

The investor called the document the result of five years of joint work between business and authorities, including both parties of Congress and the Trump administration. According to Dixon, the initiative will ensure the protection of decentralization and fair conditions for entrepreneurs.

“At its core, the bill addresses these very issues. It’s not perfect, changes are needed. But now is the time to push for Clarity, especially if we want the United States to remain the best place to build the future of cryptocurrencies,” — summarized Dixon.

Coin Center CEO Peter Van Valkenburgh also noted that he “optimistically assesses the current market structure law project.”

Recall that in January, JPMorgan Chase’s Chief Financial Officer Jeremy Barnum warned about the risks posed by income-generating stablecoins.