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Industry groups urge advancing the Clarity Act

MeNews
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ME News, April 25 (UTC+8), the industry group North Carolina Blockchain Association wrote to Senator Thom Tillis urging the Clarity Act to be advanced to the markup process in response to the North Carolina Bankers Association's previous opposition to stablecoin yields. The letter points out that the GENIUS Act already addresses the so-called "shadow banking" issue by bringing stablecoin issuers under federal regulation, and warns that a blanket ban on yields could lead to capital outflows rather than reducing risk. The letter also emphasizes that the Clarity Act is crucial to maintaining North Carolina's competitiveness, noting Charlotte's status as a major U.S. banking center and that the bill would provide banks with the tools to lead in the digital asset space. Sources from the North Carolina Blockchain Initiative board, who are involved in policy discussions, say the recent bankers' association communication to Tillis' office does not represent the views of all small banks and credit unions in the state, nor does it reflect discussions at the state capitol or in Charlotte; local legislators are advancing stablecoin legislation in line with the GENIUS framework and continue to support the Clarity Act at the federal level. (Source: MLion)
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