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15/05/26 01:47 UTC-04

Banks Issue Alarmed Statements After Major Progress on the CLARITY Act Crypto Bill

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Other Banks Issue Alarmed Statements After Major Progress on the CLARITY Act Crypto Bill

Joint trade groups representing the U.S. banking sector stated that stablecoin regulation under the CLARITY Act should be further tightened.

In a joint statement, industry representatives specifically called for stricter limitations on interest-like rewards offered to stablecoin holders.

The statement said:

“The banking sector continues to believe that the prohibition on paying interest for holding stablecoins should be strengthened even further.”

At the same time, industry representatives acknowledged that limited reward mechanisms could still be permitted for certain payment-focused stablecoin operations and activities.

Banking institutions argue that without adequate safeguards, stablecoin-based products could reduce traditional bank deposits, placing pressure on local lending activity and broader economic growth.

The statement also emphasized that the sector will continue working in good faith with senators to address concerns surrounding stablecoin yield mechanisms and improve the bill’s chances of passing in the Senate.

Today, the U.S. Senate Banking Committee approved the CLARITY Act — also known as the cryptocurrency market structure bill — by a vote of 15 to 9, officially advancing the legislation to the full Senate for consideration.

See also: "Bank of England to Reconsider Stablecoin Restrictions"

#CLARITY Act #Crypto Regulations #Bank

Editor: Pereyidenko Ihor
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