Washington, D.C. – Following the release of proposed language on stablecoin yield in the Clarity Act, the American Bankers Association, Bank Policy Institute, Consumer Bankers Association, Financial Services Forum and Independent Community Bankers of America issued the following joint statement:

“We appreciate the work by Senator Tillis and Senator Alsobrooks to address the concerns from banks of all sizes around the risk of deposit flight from paying yield on stablecoins.  Now that their proposed language is public, we are working to provide feedback that balances both the innovation and the community lending necessary to ensure that America’s economy is the strongest and most resilient in the world.

Senators…