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US banking groups urge Senate to strengthen stablecoin provisions in Clarity Act

They warned that the current bill could allow stablecoins to substitute for bank deposits and cause a capital flight from community banks.

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They warned that the current bill could allow stablecoins to substitute for bank deposits and cause a capital flight from community banks.

The ABA and ICBA urge Senate leaders to tighten stablecoin yield rules in the CLARITY Act, warning of a $1.3 trillion deposit flight risk.