Bank Groups Say CLARITY Act’s Stablecoin Circuit Breaker Is ‘Not a Safeguard at All’

The post Bank Groups Say CLARITY Act’s Stablecoin Circuit Breaker Is ‘Not a Safeguard at All’ appeared first on Coinpedia Fintech News

Eight major banking groups are warning that the revised CLARITY Act could create this risk if stablecoin rewards work like bank interest. The banks say the bill’s “circuit breaker” may come too late to stop deposit losses and lending problems.  The letter comes ahead of a key Senate procedural vote scheduled for 15 September. Eight …