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Industry groups urge advancing Clarity Act

MeNews
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ME News, April 25 (UTC+8) — Industry group North Carolina Blockchain Association sent a letter to Senator Thom Tillis urging him to advance the Clarity Act to mark-up procedures, in response to earlier opposition to stablecoin yields from the North Carolina Bankers Association. The letter notes that the GENIUS Act has already addressed so-called "shadow banking" issues by bringing stablecoin issuers under federal regulation, and warns that a blanket ban on yields could lead to capital outflows rather than reducing risk. It also emphasizes that the Clarity Act is essential to maintaining North Carolina's competitiveness, pointing out Charlotte's status as a major U.S. banking hub and that the bill would provide banks with tools to lead in the digital asset space. Sources from the North Carolina Blockchain Initiative board, involved in policy discussions, said the recent communication from the bankers' association to Tillis's office does not represent the views of all small banks and credit unions in the state, nor does it reflect discussions at the state capital or in Charlotte; local lawmakers are advancing stablecoin legislation in line with GENIUS standards and continue to support the Clarity Act at the federal level. (Source: MLion)
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