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06/23 14:06

In the days before a key Senate vote, the American

#World Cup Predictions: 100,000 USDT Daily #HTX Invites You to Share 600K USDT in Gift Packs #BTC Prophet: 20-Day 380 Million HTX Challenge In the days before a key Senate vote, the American Bankers Association sent more than 8,000 letters trying to change one provision of the CLARITY Act. The fight is not really about crypto. It is about whether stablecoins are allowed to compete with bank deposits, and the answer could reshape both industries. Summary Banks are fighting the CLARITY Act mainly over stablecoin yield, not the whole bill. Yield-bearing stablecoins threaten bank deposits by offering a dollar-like product with income. The Tillis-Alsobrooks compromise tries to block passive yield while preserving activity-based rewards. The fight shows crypto has become a direct competitor to traditional finance. In the days leading up to a pivotal Senate Banking Committee vote on the CLARITY Act, the American Bankers Association mounted an extraordinary lobbying blitz, sending more than 8,000 letters to Senate offices in less than a week. The target was not the bill as a whole, much of which the banking industry can live with, but a single provision: the rules governing whether stablecoins can pay yield to the people who hold them. To an outsider, it might seem strange that the banking industry would care so intensely about one technical clause in a crypto bill, or fight a piece of digital-asset legislation at all. But the fight is not really about crypto in the abstract. It is about a direct competitive threat that yield-bearing stablecoins pose to the core business of banking, the gathering of deposits, and understanding that threat explains why banks have thrown their lobbying weight at a few sentences in a crypto bill. JUST IN: Coinbase Chief Policy Officer says Clarity Act is very close to getting done. Every big bank including JPMorgan wants to get into crypto pic.twitter.com/EpAVI8kZwL— crypto.news (@cryptodotnews) June 2, 2

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