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Community Banks Reportedly Push Back On CLARITY Act – Warn Stablecoin ‘Yield Loopholes’ Persist
The banking industry reportedly remains divided over the latest yield-related compromise, with the Digital Asset Market Clarity Act (CLARITY Act) still on hold. The issue raising concerns is whether stablecoin issuers can still offer yield in disguise. Several large consumer-facing banks told journalist Eleanor Terrett that the new language introduced last week still leaves wiggle room for crypto companies to circumvent the restriction. However, one bank involved in the talks reportedly said the provision is too narrowly drafted and will not completely ban crypto-linked yield offerings; rather, it will just change ... (full story)
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