Community banks launch ad blitz against Clarity Act stablecoin rewards, warning crypto incentives could siphon deposits from local lenders
The Block •
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Promote with Leviathan News$315B in USD stables already makes this a balance-sheet distribution fight, not consumer protection theater. If Congress leaves a “bona fide activity” rewards carveout, Coinbase/Circle can keep paying users for flows while calling it engagement, and community banks are stuck competing with USDC’s Treasury carry on a 24/7 rail. If banks win, the yield just reroutes through Aave, sUSDe, tokenized T-bills, and JPM-style deposit tokens instead of back into 0.01% checking accounts.
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More coverage
- Community bank group launches new ad campaign targeting Clarity ... (x.com)
- CLARITY Act Update: It Looks Like the Banks Are Still Winning (fintechweekly.com)
- Senate CLARITY Act Draft Permits Activity-Based Stablecoin Rewards (coinmarketcap.com)
- Ban on stablecoin inducements should be included in Clarity Act (americascreditunions.org)
- Effects of Stablecoin Yield Prohibition on Bank Lending (whitehouse.gov)
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