The New Front in Financial Warfare: The U.S. Crypto Law, Banking Lobby, and the "Reward" Crisis

As the **CLARITY Act**, a long-awaited bill aiming to establish a legal framework for crypto assets in the U.S. Senate, reaches a critical turning point on its path to legalization, it faces a "last-minute" intervention from the traditional banking sector. Six powerful banking groups, including the American Bankers Association and the Consumer Bankers Association, have launched intense lobbying efforts to completely ban stablecoin companies from offering returns or rewards to users.
Are Banks Afraid of Losing Deposits?
The core of the banking lobby's aggressive move lies in concerns that stablecoins could become serious competitors to traditional bank deposits. In a letter sent to senators, banks argue that benefits like "rewards" or "returns" offered by stablecoins could divert users away from bank accounts. Banks claim that exceptions in the current consensus bill, such as "reward for active use," could be exploited to circumvent the ban, and they want this loophole completely closed.
Reaction from the Crypto Sector: "They Want to Kill Competition"
Leading figures in the crypto world describe this move as "a blow to innovation." Coinbase Chief Legal Officer Paul Grewal stated that banks are trying to hinder not only interest earnings but also consumer benefits brought by blockchain technology, such as loyalty programs and transaction-based rewards. Industry representatives say that instead of competing through technological advancement, banks are attempting to eliminate rivals through regulatory measures.
Senators’ Stance: Support for Consensus
The key figures in the debate, Republican Senator Thom Tillis and Democratic Senator Angela Alsobrooks, have not backed down despite the banking lobby’s pressure. In a joint statement, the two senators emphasized the importance of bipartisan support for their draft bill and argued that companies should be able to offer certain rewards to promote innovation. They also stressed their determination to provide "regulatory clarity" despite banks’ efforts to slow down the process.
Conclusion: Critical Next Week
The Senate Banking Committee is expected to take up the bill next week. These discussions will determine whether the U.S. consolidates its leadership in the digital assets space or remains behind traditional financial protectionist barriers.
If the bill becomes more restrictive as banks desire, stablecoins could lose their potential to evolve beyond mere "payment tools" and develop a broader ecosystem. However, if the current bipartisan consensus is maintained, the boundaries of competition between crypto companies and banks will be clearly defined in legal terms for the first time.
**In summary,** this development is not just a legislative change but a reflection of the larger struggle over who will control the financial architecture of the digital future.