The American Bankers Association (ABA) is pushing for major changes to the Clarity Act, claiming that the draft cryptocurrency market structure bill could put bank deposits at risk of losing ground to stablecoins.
Last week, the Senate Banking Committee announced this The decision New coding session to consider potential legislation.
Over the weekend, ABA President Rob Nichols I fired off an email To all member bank CEOs, urging them to contact their senators to ask them to repeal provisions in the bill that allow cryptocurrency companies to offer stablecoin rewards.
“To be clear, we want Congress to set rules for digital assets and create responsible guardrails for the cryptocurrency industry. The current version of the legislation, while improved from a previous version, still does not adequately prevent cryptocurrency companies from offering interest-like rewards on stablecoins for payment. Without additional changes, we believe the current proposal will unnecessarily stimulate the flight of bank deposits into stablecoins for payment, putting economic growth and financial stability at risk.”
On Monday, Ohio Sen. Bernie Moreno criticize Nicholls’ letter, which claims that “the banking cartel is in a state of complete panic.”
“For decades, these banks have treated your deposits like their own personal piggy bank, paying you almost nothing while lending your money in exchange for massive profits and executive bonuses.”
The new Clarity Code coding session is scheduled for Thursday, May 14.
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