Eight U.S. banking associations oppose stablecoin rules in CLARITY Act
- —The letter was signed by the Bank Policy Institute, ABA, CBA, Financial Services Forum and ICBA
- —The banks demand a ban on any direct and indirect interest on stablecoin balances
- —The 'circuit breaker' mechanism in the bill was criticized as untimely
- —Concerns center on deposit outflows and reduced lending capacity at banks
Why it matters: The dispute between banks and the crypto industry over stablecoin yield could delay passage of the CLARITY Act and affect the entire market.
Source: Bitcoin Sistemi