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American Bankers Association Claims Compromise on Stablecoin Yields Lacks Adequacy
On May 5, the American Bankers Association stated that the proposed provisions regarding stablecoin yields in the cryptocurrency bill known as the ‘Clarity Act’ do not adequately address the banking sector’s concerns about the risk of deposit outflows, indicating that the banking industry remains dissatisfied with the bill. This statement was unexpected. Previously, cryptocurrency companies, including Coinbase, had claimed that this provision represented a compromise consensus between banks and the crypto industry. Following the rising expectations for the bill’s passage, Coinbase’s stock rose by 6% on Monday, while Circle’s stock surged by 20%. (Dongxin News Agency)