Cointelegraph reported that major financial interest groups, including the American Bankers Association (ABA), have once again put the brakes on the CLARITY Act, arguing that interest-like returns provided by stablecoins would cause a massive outflow of bank deposits. The banking sector claims that legal loopholes remain that allow stablecoin platforms to indirectly provide returns to users, and if left unchecked, one-fifth of real economy loans could disappear. In contrast, Senator Thom Tillis, who leads the bill, directly refuted the banking sector's claims, calling it a reasonable compromise for innovation.
