Rob Nichols, CEO of the American Bankers Association, stated that the banking lobby wants the Clarity Act to succeed while requesting minor modifications regarding stablecoins and local lending. The 600-page bill passed the House of Representatives last year but remains stalled due to banking chiefs’ concerns over potential stablecoin yields, which led Coinbase to withdraw support in January. Nevertheless, JP Morgan, Bank of America, Fidelity and Goldman Sachs have expressed interest or launched stablecoin products. Senators like Elizabeth Warren criticize the bill, arguing it would benefit President Donald Trump and potentially serve criminals.
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