Clarity Act Markup Imminent: ABA CEO Calls for Amendment to Stablecoin Reward Clause

According to a report by CNBC, Rob Nichols, the President and CEO of the American Bankers Association (ABA), sent a letter to the CEOs of member banks on May 10. In the letter, he urged immediate lobbying efforts with Senate members ahead of the Senate Banking, Housing, and Urban Affairs Committee's scheduled markup vote on the cryptocurrency market structure bill, the 'Clarity Act', set for May 14. Nichols expressed concerns that the current language of the bill does not adequately prevent 'yield-like rewards' on stablecoins, which could lead to economic repercussions from the outflow of bank deposits.