Major U.S. banks push back on new CLARITY Act proposal

From thestreet.com

Major U.S. banking groups are pushing back against new stablecoin rules in the CLARITY Act, warning that the latest proposal does not go far enough to protect bank deposits. In a joint statement on Monday, May 4, industry bodies including the American Bankers Association and Bank Policy Institute said the bill’s language on stablecoin yield leaves room for risks the legislation is meant to address. The debate centers on whether stablecoins, digital tokens typically pegged to the U.S. dollar, should be allowed to offer yield or rewards. Banks argue that if stablecoins begin offering returns similar to savings ... (full story)