Eight bank trading groups, including American Bankers Association and

THE BLOCK: Eight bank trading groups, including the American Bankers Association and the Independent Community Bankers of America, say the latest Clarity Act text doesn't go far enough to address their concerns around the risk of deposit flight."Congress should address this risk upfront by ensuring the Clarity Act prohibits payment stablecoin rewards and incentives that function like deposit interest, rather than waiting for harm to banks, borrowers and communities before regulators are empowered to respond," they said in a letter to Senate leadership.

Source: The Block