Miles Jennings, head of crypto policy at a16z, argued on X that the banking industry’s campaign against the CLARITY Act will backfire. According to him, blocking the bill keeps in place the stablecoin yield arrangement banks have fought hardest to stop, while the GENIUS Act is already law and has opened the floodgates for dollars to move onchain. Six U.S. banking associations demanded stronger prohibitions on interest-like rewards for holding stablecoin, warning that these offerings could draw away bank deposits and threaten local lending. Galaxy Digital cut its odds of CLARITY Act passage in 2026 from 75% to 60%, citing a shrinking floor calendar and unresolved ethics and illicit-finance provisions.
Source: Read the original article
