U.S. Banking Associations Urge Senate to Tighten Stablecoin Provisions in Clarity Act

According to The Block, 76 state banking associations joined the American Bankers Association and Independent Community Bankers Association in urging Senate leadership today to tighten stablecoin provisions in the Clarity Act. The groups contend that current language in the legislation is insufficient to prevent stablecoins from becoming substitutes for traditional bank deposits.
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