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Six Banking Trade Groups Oppose Clarity Act Stablecoin Yield Exceptions on Friday

Regulation & Policy

2026-05-08 21:51:34

Six major U.S. banking trade groups issued a statement Friday opposing proposed compromise language in the Clarity Act, arguing it contains loopholes that would allow crypto companies to evade restrictions on stablecoin yield. The groups, representing national and community banks across all 50 states, sent a letter to the Senate Banking Committee expressing concern that exceptions for rewards tied to account balances and governance participation would undermine the intended prohibition on stablecoin yield. The compromise, drafted by Senators Thom Tillis and Angela Alsobrooks, would ban direct yield payments but allow certain rewards, which the banking coalition says could enable evasion through structured programs resembling money market funds or balance-triggered payments.

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Lifelike

· 05-08 22:05

Six major banking trade groups in the United States issued a statement on Friday opposing the compromise language proposed in the Clarity Act. They believe the language contains loopholes that could allow cryptocurrency companies to circumvent restrictions on stablecoin yields. The groups, representing nationwide and community banks across all 50 states, sent a letter to the Senate Banking Committee expressing concern: including rewards linked to account balances and exceptions for participation in governance would weaken the original regulation aimed at banning stablecoin yields. The compromise plan was drafted by Senators Thom Tillis and Angela Alsobrooks, which would prohibit direct yield payments but allow certain rewards. The banking alliance stated that this could be circumvented through structured projects similar to money market funds or payments triggered by balances.

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