Banking Trades Statement on Updated Clarity Act

WASHINGTON, D.C. - Following today's release of an updated version of the Digital Asset Market Clarity Act, the Consumer Bankers Association, American Bankers Association, Bank Policy Institute, Financial Services Forum, Independent Community Bankers of America, and National Bankers Association issued the following joint statement:

"The banking industry strongly supports establishing clear and rational rules of the road for digital assets, so consumers, the financial system and the economy are protected. Unfortunately, the latest version of the Digital Asset Market Clarity Act released today in the Senate still puts at risk the local lending that drives economic activity in the U.S.

"We are encouraged by the constructive conversations we are having with senators who share our concerns. We appreciate their willingness to consider targeted changes that would strengthen the prohibition on interest-like payments for holding stablecoins, which will siphon away the bank deposits that fuel small business, mortgage and farm loans in communities across the country. Our good faith efforts to strengthen the Clarity Act will continue."