Latest developments: Edelman told CoinDesk’s Jennifer Sanasie on Markets Outlook that the dispute over whether stablecoins can offer yield is threatening progress on market structure legislation.

• Banking groups argue allowing stablecoin issuers to offer yield would siphon deposits from traditional banks.
• Edelman said banks are opposing the provision largely because stablecoins pose a competitive threat to their business models.
• The issue has become a sticking point in negotiations around the Clarity Act, a proposed crypto market structure bill in Washington.
• Despite siding with crypto on the economics, Edelman said the banking lobby is politically strong and “likely to win the argument.”

Why it matters: Edelman argues the industry should…