Circle Stock Tumbles as US Banks Challenge CLARITY Act Loophole
10 Articles
10 Articles
Banking Groups Push Senate to Tighten CLARITY Act Stablecoin Yield Rules, Warning of Deposit Flight
The American Bankers Association, the Independent Community Bankers of America and 76 state banking groups urged Senate leaders in a joint letter on Monday to tighten the stablecoin provisions in the CLARITY Act, warning that the bill as written could let stablecoins drain deposits from community banks. The push landed the same week Senate Democrats escalated their own separate campaign against the crypto market structure bill, leaving it presse…
Circle stock tumbles as US banks challenge CLARITY Act loophole
Circle Internet Group shares have dropped more than 2% in pre-market trading after US banking groups urged the Senate to tighten stablecoin provisions in the CLARITY Act, adding fresh pressure to the stock. According to a joint letter from several…
Seventy-six banking groups, led by the American Bankers Association and the Independent Community Bankers of America, urged the Senate on Monday, July 13, to amend the Clarity Act before its vote. They point to a "fault" in section 404 that would allow platforms to pay, on behalf of the reward, returns equivalent to bank interest on stablecoins. Article 76 banking groups point the blind corner of the Clarity Act on returns appeared first on Coin…
US Banks Target CLARITY Act Stablecoin Rewards in Fight Over Deposit Flight
A coalition of 78 banking groups, led by the American Bankers Association, is urging lawmakers to tighten the CLARITY Act by restricting how payment stablecoin issuers can reward users. In a letter sent to Senate leaders ahead of a July 17 hearing, the groups proposed amendments to Section 404 of the bill, which governs stablecoin rewards. The proposals focus on limiting mechanisms that banks argue could make payment stablecoins function more li…
US banking groups urge changes to stablecoin rewards in Clarity Act, again - Ledger Insights - blockchain for enterprise
The American Bankers Association, the Independent Community Bankers of America and 76 state banking associations have again written to senators outlining their concerns about the wording of stablecoin rewards in the Clarity Act. The latest draft of the bill may be released in the next few days, with a push to get a Senate vote […] The post US banking groups urge changes to stablecoin rewards in Clarity Act, again appeared first on Ledger Insight…
Bank Groups Push Congress on Stablecoin Yield Rules Before July 17 Hearing
The American Bankers Association wants answers. Fast. The ABA and a coalition of state banking groups fired off a joint… Read the original on Bank Groups Push Congress on Stablecoin Yield Rules Before July 17 Hearing. For more crypto news and analysis, visit TheCurrencyAnalytics.com.
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