Banks finally can’t sit still anymore. Everyone wants to hold onto the stablecoin “cake,” but delaying legislation will only push innovation offshore—and in the end, the one that gets hurt will be traditional finance itself.

Crypto market news: A banking group is calling on the U.S. Senate to amend the stablecoin provisions of the “Clarity Act,” arguing that the banking industry’s resistance to the stablecoin provisions could delay progress on the “Clarity Act,” affecting the regulatory process and traditional bank dynamics.