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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.

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.