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Industry groups urge advancement of Clarity Act

MeNews
ME News, April 25 (UTC+8), the industry group North Carolina Blockchain Association sent a letter to Senator Thom Tillis urging that the Clarity Act be advanced to the markup process, in response to previous objections from the North Carolina Bankers Association regarding stablecoin yields. The letter noted that the GENIUS Act already addresses the so-called "shadow banking" issue by bringing stablecoin issuers under federal oversight, and warned that a full ban on yields could lead to capital flight rather than risk reduction. The letter also emphasized that the Clarity Act is critical to maintaining North Carolina's competitiveness, pointing out that Charlotte's status as a major U.S. banking hub makes the bill essential for providing banks with the tools to lead in digital assets. Sources from the North Carolina Blockchain Initiative board, who participated in policy discussions, said that the recent Bankers Association communication to 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 continuing to support the Clarity Act at the federal level. (Source: MLion)
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