Why the banking industry is fighting a crypto bill
#World Cup Predictions: 100,000 USDT Daily #2026 World Cup Posting Challenge on HTX Square #HTXCommunity4thAnniversary Why the banking industry is fighting a crypto bill
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.
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.
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