🚨 #CLARITY Act Faces Fresh Opposition #Eight banking groups and 18 attorneys general are urging changes to the #bill, citing concerns over #stablecoin rewards, bank deposits and state crypto enforcement powers ahead of the September 15 Senate vote. 🔗 Know more in comments

🚨 Witt Backs #CLARITY Stablecoin Rules White House Crypto Council Director @patrickjwitt backs Section 404, which limits interest-like stablecoin #rewards while giving #Treasury a potential “circuit breaker” if community-bank deposits decline. 🔗 Know more in comments

LATEST: 17 state attorneys general urge Senate to reject the CLARITY Act The bipartisan group led by New York AG Letitia James warns the bill could weaken states’ authority to pursue crypto-related scams and enforce securities and commodities laws, raising fresh opposition… Show more

INSIGHT: White House crypto adviser @patrickjwitt says bank "deposit flight" fears over the CLARITY Act's stablecoin rewards are a myth, pointing out bank deposits are rising, not falling.

INSIGHT: The White House releases analysis showing banning stablecoin rewards would raise bank lending by just 0.02% with 76% of any gain going to large banks, not the community banks the banking lobby claims to protect.

JUST IN: White House says banning stablecoin rewards would boost bank lending by only 0.02% The analysis estimates 76% of any lending increase would flow to large banks rather than community banks, challenging arguments from the banking lobby that the restriction would… Show more