The standard framing of the CLARITY Act debate — crypto reformers versus defensive banks — misses the most useful historical parallel. The American Bankers Association’s position in April 2026 is structurally identical to the fight banks waged against money market mutual funds in the late 1970s and early 1980s, when MMMFs drained an estimated $230 billion in retail deposits before Congress eventually levelled the playing field through the Depository Institutions Deregulation and Monetary Control Act. Stablecoin yield is the 2026 equivalent of MMMF yield. The legislative mechanics rhyme, and the pattern says banks ... (full story)