Banks get cheap funding source through savings/ checking accounts, where they pay small interest. This cheap funds enable them to run branches, offer various services. Also, fund transfer is another big fee business for banks. Now, clarity act is allowing crypto companies to raise funds, and they can move money without/ or with very severely reduced fees through stable coins…
The clarity act is shot across bow for banking industry. Big banks might survive, but small, medium banks, credit unions, etc will be severely impacted.
I will hopefully follow this post with more cohesive thoughts… these are my initial raw thoughts.