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Crypto

U.S. bank groups seek to tighten Clarity Act stablecoin rewards limits

Concerns are rising in both the banking sector and the crypto industry over the final version of the Clarity Act ahead of a U.S. Senate procedural vote. Eight U.S. banking groups asked Senate leaders to strengthen limits on stablecoin rewards, warning the revised bill could allow payments similar to deposit interest. Crypto industry figures also criticized the amendment for omitting protection from federal criminal prosecution for certain developers. The Senate plans a procedural vote on Sept. 16, requiring 60 votes to advance.

Crypto

U.S. Clarity Act vote nears as crypto industry and banks clash in last-minute lobbying

With the U.S. Senate set to hold a procedural vote on the Clarity Act on Sept. 15, lobbying by the cryptocurrency industry and regional banks is spreading to senators’ home states. Both sides used the August recess to press their case through local events, meetings, op-eds, calls, emails and advertising. The bill would set federal rules for digital assets and split oversight between the SEC and CFTC, with stablecoin reward provisions a key flashpoint.

Crypto

US community banks oppose stablecoin interest loophole as CLARITY bill faces hurdles

U.S. community banks publicly opposed leaving room in the CLARITY bill for stablecoins to effectively pay interest, calling for changes. The industry says stablecoins could move beyond payments and act like deposit substitutes, potentially shifting deposits out of banks and weakening local lending. The ICBA estimated $1.3 trillion could leave deposits for stablecoins, with community lending falling by $850 billion. The issue could affect a Sept. 15 Senate vote.