Banking Groups Say Clarity Act Stablecoin Draft Leaves Yield Loopholes

Six banking trade groups said the latest Clarity Act compromise still leaves loopholes that could let crypto companies offer stablecoin rewards tied to account balances. The draft would ban direct yield on stablecoins, but it could still allow rewards tied to governance, validation, staking, and account balances. Senators have said the Senate Banking Committee could consider the bill next week or the week following.

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