US Banks Step Up Opposition to Stablecoin Yield Provision, Send 8,000 Letters to Senate
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U.S. banks are intensifying their opposition to a compromise proposal on allowing stablecoin issuers to pay yield.
Members of the American Bankers Association have sent more than 8,000 letters to Senate offices since last Friday, Eleanor Terrett, host of CryptoAmerica, reported on May 12.
The letters urge lawmakers to revise compromise language now under discussion on stablecoin yield payments. No separate phone campaign has been carried out.
The Senate Banking Committee is scheduled to mark up the CLARITY Act on May 14, including the provision.
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