U.S. banks, represented by the Bank Policy Institute (BPI), oppose the CLARITY Act draft on stablecoins, saying provisions on stablecoin yield and illicit finance need strengthening. The banking industry has lobbied Republican senators, including John Curtis and John Cornyn, who now share its concerns. This opposition complicates the 60-vote threshold needed in the Senate, especially as Republicans now have fewer than 53 seats and only two weeks remain before the August recess. Market expectations for the bill’s passage dropped to 32%, and Senate Majority Leader John Thune expressed doubts about the CLARITY Act’s chances before the recess.
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