Senator Moreno Vows to ‘Break the Cartel’ as Banks Panic Over CLARITY Act Stablecoin Yields
BeInCrypto
Senator Bernie Moreno accused the American Bankers Association of panicking over potential deposit flight caused by the proposed CLARITY Act's stablecoin yield provisions.Summary
Senator Bernie Moreno has criticized the American Bankers Association (ABA) for allegedly panicking over the upcoming CLARITY Act markup. The ABA, led by CEO Rob Nichols, warns that stablecoin yield provisions in the bill could trigger a mass migration of bank deposits into digital assets, threatening economic stability. Conversely, Moreno and proponents argue that these concerns were already addressed in previous debates, such as those regarding the GENIUS Act. With the Senate Banking Committee set to mark up the bill on Thursday, tensions are high as lobby groups attempt to block provisions that restrict stablecoin rewards deemed equivalent to deposit interest.
(Source：BeInCrypto)