Crypto▲ Bullish
ABA Chief Backs CLARITY Act With Conditions on Stablecoin Yields
Rob Nichols endorsed the CLARITY Act while seeking 'tiny, surgical' changes to protect community banks from stablecoin deposit flight. The bill cleared the Senate 15-9.
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Rob Nichols, president and CEO of the American Bankers Association, endorsed the Digital Asset Market Clarity Act while calling for narrow amendments to protect community banks from deposit flight. Nichols described the changes he wants as “tiny” and “surgical,” signaling that the industry's top lobby group is not trying to kill the bill.
The CLARITY Act cleared the Senate Banking Committee on a 15-9 vote earlier this year. An updated version was released July 22, reflecting collaboration among senators ahead of the August recess. Nichols said in a July 21 interview that the ABA is in active discussions with multiple senators about the amendments.