Search results for Independent Community Bankers of America
Crypto
U.S. community banks launch campaign against Clarity bill over stablecoin rewards
The U.S. community banking industry has launched a public campaign against the Clarity bill, a crypto market-structure measure under discussion in the Senate. The Independent Community Bankers of America said allowing yields or rewards on stablecoin holdings could trigger $1.3 trillion in deposit outflows and cut loans by $850 billion. The Senate Banking Committee advanced the bill on May 15. Crypto industry groups rejected ICBA’s claims, while passage remains uncertain.
Crypto
TD Cowen says no room for compromise as stablecoin yield row rocks CLARITY Act
U.S. banks’ formal opposition to a compromise that would partially allow returns linked to stablecoins is again shaking prospects for passage this year of the crypto market-structure bill known as the CLARITY Act. TD Cowen said rising industry pushback could push review into June and squeeze the timeline for a Senate vote. Bank groups said the compromise was insufficient, while Ripple CEO Brad Garlinghouse said the next 2 weeks are critical.
Crypto
U.S. major banking groups oppose compromise on stablecoin bill
Major U.S. banking groups opposed a compromise provision in a crypto market structure bill on stablecoin returns, The Block reported on Sunday. The American Bankers Association and four other groups said the compromise by Senators Angela Alsobrooks and Thom Tillis falls short of the goal of banning yields and interest on stablecoins. The proposal would bar payments for simply holding stablecoins but allow activity- and transaction-linked rewards.
