Blockchain Report on Nostr: The Independent Community Bankers of America (ICBA) is advocating for a complete ban ...

The Independent Community Bankers of America (ICBA) is advocating for a complete ban on stablecoin rewards within the CLARITY Act, rejecting a compromise that would limit these rewards to usage-based incentives rather than holding-based ones. According to a report from Bitcoin News, ICBA President and CEO Rebeca Romero Rainey stated that this "loophole" must be closed, warning that stablecoins could lead to a $1.3 trillion outflow of deposits from the banking system, consequently reducing local lending by approximately $850 billion. The opposition from community banks has reportedly prompted Republican Senators Josh Hawley and Jerry Moran to voice their disapproval of the current CLARITY Act, further pressuring the bill's prospects of securing the necessary 60 votes for advancement in the Senate.

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