American Bankers Association escalates lobbying against CLARITY Act stablecoin provisions
Crypto Briefing
The American Bankers Association is actively lobbying against the CLARITY Act to prevent stablecoin issuers from offering interest-like yields to customers.Summary
The American Bankers Association (ABA) is intensifying its lobbying efforts to remove provisions from the CLARITY Act that would permit crypto firms to offer yield-bearing stablecoins. ABA President Rob Nichols warns that such products could grow the stablecoin market to $2 trillion, potentially draining traditional bank deposits and impacting credit availability. While the White House Council of Economic Advisers suggests stablecoins do not pose systemic risks, the ABA maintains that the lack of FDIC insurance on these products threatens consumer protection. Senator Bernie Moreno has criticized the ABA's actions, accusing the organization of acting like a protective cartel facing competitive pressure.
(Source：Crypto Briefing)