Kraken Co-CEO Dave Ripley responded to comments by American Bankers Association Senior Vice President Brooke Ybarra that stablecoin returns undermine banks' capabilities, stating that consumers should have the freedom to choose where to hold their assets and earn returns, rather than being forced to earn interest through banks. Ripley criticized banks for long-standing practices of charging fees on customer assets without sharing in the profits, and stated that the crypto industry is building a fairer financial system. Blockchain Association executive Dan Spuller also stated that traditional banks are attempting to hinder the development of competitors like Coinbase and Kraken. (Cointelegraph)