Industry groups urge advancing the Clarity Act

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ME News, April 25 (UTC+8), industry group the North Carolina Blockchain Association sent a letter to Senator Thom Tillis, urging him to advance the Clarity Act to markup procedure in response to prior opposition from the North Carolina Bankers Association regarding yields on stablecoins.

The letter states that the GENIUS Act has already addressed the so-called "shadow banking" issue by bringing stablecoin issuers under federal regulation, and warns that a complete ban on yields could lead to capital outflows rather than de-risking.

The letter also emphasizes that the Clarity Act is critical to maintaining North Carolina's competitiveness, and notes Charlotte's position as a major U.S. banking hub, stating the legislation would provide banks with tools to lead in the digital asset space.

Sources from the board of the North Carolina Blockchain Initiative, who are involved in policy discussions, said that the recent communications from the Bankers Association to Tillis's office do not represent the views of all small banks and credit unions in the state, nor do they reflect discussions at the state capital or in Charlotte; local legislators are advancing stablecoin legislation compliant with GENIUS specifications and continue to support the Clarity Act at the federal level.

(Source: MLion)

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