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 offered by stablecoins would lead to a massive outflow of bank deposits, Cointelegraph reported. The banking sector claims that legal loopholes remain, allowing stablecoin platforms to indirectly provide returns to users, and if left unaddressed, one-fifth of real economy loans could disappear. Conversely, Senator Thom Tillis, who is leading the bill, directly refuted the banking sector's claims, calling it a reasonable compromise for innovation.
