Major U.S. Banks Push Back on New CLARITY Act Proposal
Major U.S. banks are opposing the CLARITY Act's stablecoin rules, arguing they do not sufficiently protect bank deposits. The American Bankers Association and Bank Policy Institute claim the bill's language on stablecoin yield leaves gaps that could allow risks. Banks warn that allowing stablecoins to offer yield could lead to deposit outflows and impact lending.
Topics: banking regulation CLARITY Act crypto regulation deposit outflows stablecoins