PiCK
US Banks Mount Last-Minute Effort to Block CLARITY Act Vote, Say Stablecoin Provisions Threaten Growth
Summary
- US banks mounted a last-minute effort against stablecoin provisions ahead of the Senate procedural vote on the CLARITY Act.
- American Bankers Association CEO Rob Nichols emailed bank executives and urged them to contact their senators one more time ahead of the CLARITY Act vote.
- Nichols argued that the current stablecoin provisions threaten economic growth, as the banking industry ramps up last-minute pressure on lawmakers before the Senate procedural vote.
Forecast Trend Report by Period
US banks mounted a last-minute lobbying push against stablecoin provisions in the CLARITY Act ahead of a Senate procedural vote on the bill.
Punchbowl News reporter Brendan Pedersen wrote on September 14 that American Bankers Association Chief Executive Officer Rob Nichols emailed bank executives across the country and urged them to contact their senators "one more time" before the vote, scheduled for 2:15 p.m. on September 15.
Nichols wrote that the current stablecoin provisions "threaten economic growth."
Banks have continued to oppose the CLARITY Act's stablecoin-related rules. The latest effort amounts to a final pressure campaign targeting lawmakers before the Senate procedural vote that will determine whether the bill moves to formal consideration.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.