Key Takeaways:

• Rejecting the Digital Asset Market Clarity Act over a rule, banks seek to prevent deposit flights.
• Eleanor Terrett notes big banks aren’t 100% aligned, so they will next lobby the Senate over market risks.
• On May 4, the American Bankers Association demanded a fix for a loophole enabling future stablecoin yields.

Banks Still Dissatisfied With Clarity Act Stablecoin Yield Compromise

The saga of the Digital Asset Market Clarity Act continues, as banks and crypto companies have not reached a compromise on stablecoin yields, which banks argue could upset the financial system and affect their business model.

Even after it was reported that Senators Thom Tillis and Angela Alsobrooks had reached an agreement on the language…