The banks are very anxious about stablecoin alternatives that offer users rewards of over 5%. For them, allowing stablecoins unfettered access will force depositors to flee from local banks. 

In fact, the perceived deposit flight has prompted banks to adopt a hardline stance against the crypto market structure bill – The CLARITY Act. Efforts to reach a deal between banks and the crypto industry on stablecoin yield have been futile.

Now, the banks are publicly pushing back against White House’s call for a compromise on the same to advance the CLARITY Act. The latest to dissent against the White House is Christopher Williston, President of the Independent Bankers Association of Texas. 

He cautioned, 

“Compromise on…