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Banks warn of outflowing deposit streams
Trending topics on The Street forum:
Growing gap between banks and cryptocurrency companies
Bill's future remains uncertain
Major American banking groups oppose the new stablecoin rules in the CLARITY Act, warning that the latest proposal does not go far enough to protect bank deposits.
In a joint statement issued on Monday, May 4, industry bodies including the American Bankers Association and the Banking Policy Institute said that the drafting of the bill regarding stablecoin revenues leaves room for risks that the legislation aims to address.
The groups said: "We appreciate the work done by Senator Telles and Senator Alsoprox... However, the proposed wording does not meet this goal."