Banks fund crypto attack ads across Washington as over 3,000 banks unite to stop Clarity Act passing Senate
CryptoSlate
Over 3,000 banks are lobbying against the CLARITY Act, arguing that stablecoin yield loopholes threaten bank deposits and local lending.Summary
More than 3,200 banks, represented by the American Bankers Association, are actively lobbying the U.S. Senate to stall the CLARITY Act. The banking industry claims that current draft language creates a "loophole" allowing stablecoin issuers and affiliates to offer yield, which they argue could trigger a massive migration of deposits away from the banking system. While the House passed the bill with broad support, the Senate remains stalled, facing pressure from the bank lobby to address these yield concerns. Negotiators are currently working to reach a compromise on stablecoin incentives to prevent the bill from losing its legislative momentum before the upcoming summer campaign season.
(Source：CryptoSlate)