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American Bankers Association President Rob Nichols said the group’s goal is not to oppose the Clarity Act but to strengthen it, according to an interview with CoinDesk.
Nichols said the cryptocurrency industry needs a clear regulatory framework, while the bill’s key provisions on stablecoin-related rewards need revisions. He noted the GENIUS Act already prohibits stablecoin issuers from paying interest or yield to holders, and said the current debate is whether entities such as crypto exchanges can offer similar interest-like payments. Nichols warned that if such mechanisms encourage outflows from bank deposits, they could weaken the banking system’s funding base for small-business lending, mortgage lending and agricultural finance. He added the association is urging senators to revise the relevant provisions before a September vote, while stressing the U.S. can become both a global financial hub and a crypto hub if clear and consistent regulatory rules are put in place.