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Industry groups urge advancement of Clarity Act

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ME News, April 25 (UTC+8), industry group North Carolina Blockchain Association sent a letter to Senator Thom Tillis urging the advancement of the Clarity Act 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 has already addressed 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 flight rather than risk reduction. The letter also emphasizes that the Clarity Act is crucial for 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 assets space. Sources from the North Carolina Blockchain Initiative board, who are involved in policy discussions, said that the recent Bankers Association's communication with Tillis's office does not represent the views of all small banks and credit unions in the state, nor does it reflect discussions in the state capital or Charlotte; local legislators are advancing stablecoin legislation consistent with the GENIUS framework and continue to support the Clarity Act at the federal level. (Source: MLion)
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