American Community Bankers Association Opposes CLARITY Act, Calls for Ban on Stablecoin Rewards

The Independent Community Bankers of America (ICBA) opposes the CLARITY Act, emphasizing that there is no room for compromise on the issue of stablecoin earnings. ICBA President Rebeca Romero Rainey stated that loopholes related to stablecoin rewards must be completely closed, and there is no middle ground. The ICBA warns that stablecoins could lead to a $1.3 trillion outflow of deposits from the banking system, reducing local lending by $850 billion. Raul Romero Rainey pointed out that there is no evidence that cryptocurrencies will replace these deposits and reinvest them in local communities. She criticized the report released by the White House Council of Economic Advisers for downplaying banks' concerns about deposit outflows. The Senate plans to vote on the CLARITY Act on September 15, and if it does not receive support from at least 60 senators, the bill will cease to advance.

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