Why Are Banking Alliances Afraid? The Real Impact of the “Member Rewards” Clause

The most controversial part of the CLARITY Act is not the stablecoin reserve requirements, nor the licensing thresholds, but the seemingly technical “member rewards” clause. The reason the banking alliance backlash is so intense is that this clause directly undermines the core liability cornerstone of traditional banks—demand deposits. Imagine, if compliant stablecoins can offer on-chain transparent yield distribution, while traditional banks’ demand deposit interest rates remain near zero, what would depositors choose? This is not a hypothetical future; it is a reality that is drawing near. The banking alliance’s efforts to block it are, in essence, a defensive battle by the old financial system against a new form of currency. But the question is whether this defense truly serves the public interest. Protecting banks is not the same as protecting users. The debate sparked by the CLARITY Act is pressing us to confront a fundamental question: in the digital age, must a currency’s “safety” and “profitability” be separated?

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