American Bankers Association pushes to curb stablecoin rewards as Clarity Act debate advances

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ABA seeks stablecoin reward curb

Highlights

The American Bankers Association cites a Morning Consult survey showing 61% support a cautious crypto regulatory approach, using this to push for tighter stablecoin limits in the Clarity Act.
The Clarity Act, advanced by the Senate Banking Committee, restricts passive stablecoin yields but allows rewards for active use, with further merging and revisions expected before a Senate vote.
About 30% of surveyed U.S. adults plan to use digital assets in the next year, while 160 ex-officials back a federal digital asset oversight framework as legislative debate intensifies.

Polling details shape stablecoin lobbying push

As reported by CoinDesk, the American Bankers Association is using new survey results to support its push for last-minute revisions to the Clarity Act's stablecoin provisions. The banking group argues that reward or yield-like features tied to stablecoins could threaten interest-bearing deposit accounts that underpin lending by community banks and the broader banking system.

The survey, conducted online by Morning Consult among 2,000 U.S. adults with a margin of error of about 2%, also finds that 61% favor a cautious approach to crypto regulation that does not threaten the traditional financial system. ABA President and CEO Rob Nichols says in a statement that lawmakers need to understand Americans do not want rules that undermine lending and economic growth.

Under the bill's current language, crypto platforms are not allowed to offer yield on passive stablecoin holdings, though they could provide rewards programs tied to active use of the tokens. The survey questions are framed around the assumption that stablecoins may create risks for banking and lending, an argument the crypto sector disputes and that White House economists have challenged.

Legislative stakes widen across banking and crypto

The ABA poll also shows notable consumer interest in digital assets despite the banking lobby's opposition to parts of the bill. About 30% of respondents say they are likely to buy or use digital assets in the next year, 24% say stablecoins and crypto could provide meaningful benefits, and 17% say they currently own digital assets.

The Senate Banking Committee has already advanced a bipartisan compromise on the Clarity Act, but that language still needs to be merged with a similar bill approved by the Senate Agriculture Committee before any possible floor vote. Further revisions are expected if the legislation moves ahead, keeping stablecoin rules at the center of a broader fight between banks and the crypto industry.

Crypto advocates are pressing for final passage while also responding to concerns that the legislation could leave room for criminal misuse and illicit finance. The Blockchain Association says 160 former officials from law enforcement, national security and intelligence support a modern federal framework for digital asset oversight, and the group plans to bring some of them to Senate offices on Wednesday as lawmakers approach the summer recess and the midterm election season.

In our earlier article on the UK’s proposed stablecoin rulebook, we covered a House of Lords inquiry urging policymakers to avoid overly restrictive measures that could slow the development of pound-denominated stablecoins. The committee flagged concerns such as caps on stablecoin holdings and requirements for issuers to keep non-interest-bearing reserves at the Bank of England, while stressing the need to balance innovation with safeguards against financial crime.

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