US banking industry sends a joint letter to the Senate, demanding amendments to the stablecoin provisions of the CLARITY Act.
2026.07.29 08:16:54
134 U.S. banking association officials and bank executives have urged the U.S. Senate to amend Section 10404 of the Cryptocurrency Market Structure Act (the CLARITY Act) before its final passage, to strengthen restrictions on interest and returns from payment stablecoins. The bankers hope lawmakers will expand the scope of these restrictions to prevent companies from offering similar economic benefits for holding stablecoins through rewards, incentives, or other arrangements. They warned that if stablecoins can attract and retain balances via interest-like rewards, the funding base supporting local loans could be weakened by hundreds of billions of dollars. The letter notes that deposits serve as the foundation for loans to households, small businesses, farmers, and local employers. Signatories added that clear rules would allow payment stablecoins to develop while preserving financing channels that support community lending.
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