White House · U.S. · CLARITY Act · US Senate · Bitcoin Magazine
American Bankers Attempt Last Ditch Effort To Kill Crypto Market Structure Bill Regarding Stablecoins
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American Bankers Association CEO Rob Nichols urged bank leaders to lobby against a stablecoin yield provision in the Digital Asset Market Clarity Act ahead of Thursday’s Senate markup.
Key facts
- The Senate Banking Committee markup on May 14 represents a critical procedural hurdle for the Clarity Act
- The letter, dated May 11, Mother’s Day, and addressed to ABA member bank CEOs, asked bank leaders to contact their senators and mobilize their employees to do the same before the committee convenes
- The White House Council of Economic Advisers released a report in April finding that prohibiting stablecoin yield “would do little to protect bank lending,” estimating that a ban would increase bank
- The White House has set a July 4 target for the bill’s passage
Summary
American Bankers Association (ABA) CEO Rob Nichols sent an emergency Sunday letter to every bank CEO in the country, urging “immediate engagement” against what he called a stablecoin yield loophole in the Digital Asset Market Clarity Act, days before a Senate Banking Committee markup scheduled for Thursday. The letter, dated May 11, Mother’s Day, and addressed to ABA member bank CEOs, asked bank leaders to contact their senators and mobilize their employees to do the same before the committee convenes for a scheduled May 14 executive session on the bill. “I am reaching out to make every bank leader in this country aware of an urgent advocacy fight that requires your immediate engagement,” Nichols wrote, according to the letter.