Rob Nichols, CEO of the American Bankers Association, warned in a recent open letter to major bank CEOs that "if the Clarity Act passes without further amendments, it will unnecessarily encourage bank deposits to flow out to settlement stablecoins, which would jeopardize both America's economic growth and financial stability." He added, "The current version of the bill cannot prevent cryptocurrency companies from offering interest-like rewards on stablecoins. Related regulations must be strengthened."
