Postar

#ClarityActBankPush #ClarityActBankPush Big banks and their trade groups are pushing hard on one specific fight within CLARITY: closing the stablecoin-yield loophole. The GENIUS Act already bans stablecoin issuers from paying interest — but says nothing about exchanges paying rewards on stablecoin holdings (Coinbase earns ~$1.35B/year this way). Banks want CLARITY to close that gap, arguing crypto platforms are exploiting an unlevel playing field; the American Bankers Association and Bank Policy Institute have pushed this since the committee markup. The framing has turned adversarial: one American Banker op-ed calls the current bill "a threat to the structure of the banking system," while a senator negotiating the yield compromise reportedly told banks it's time to "accept change." An earlier bipartisan agreement was actually torpedoed by Coinbase before a later yield compromise let the Senate Banking Committee advance the bill 15-9 in May. Banks are opposed alongside unions and law enforcement groups — a notably broad coalition against the bill, even as crypto industry heavyweights (a16z, White House crypto czar David Sacks) push hard for passage. This yield dispute is one of three unresolved fights (alongside ethics and AML/DeFi rules) still blocking the 7-9 Democratic votes needed before the ~August recess deadline.