Banking Trades Statement on Senate Banking Committee Vote to Advance Clarity Act

WASHINGTON, D.C. - Following today's Senate Banking Committee vote to advance the Digital Asset Market Clarity Act, the Consumer Bankers Association, American Bankers Association, Bank Policy Institute, Financial Services Forum, Independent Community Bankers of America, and National Bankers Association issued the following joint statement:

"Today's Senate Banking Committee vote on the Clarity Act marks an important step in establishing a regulatory framework around digital assets, a goal the banking industry supports. We continue to believe that these goals can be achieved while also protecting Main Street's access to community lending, and thanks to banker engagement and the work of senators on both sides of the aisle, especially Senators Tillis and Alsobrooks, the bill that cleared the committee includes several significant improvements over an earlier version.

"The banking industry continues to believe that the Clarity Act should be strengthened further by tightening the prohibition on interest-like rewards for holding stablecoin while also allowing certain payment stablecoin transactions and activities to generate rewards. Without the necessary guardrails, stablecoin offerings are expected to draw away bank deposits and threaten local lending and economic activity across the country. In that spirit, we will continue to work with senators in good faith to address this issue and improve the bill and its chances on the Senate floor."