According to The Daily Wolf host Scott Melker, banks rejected a proposed compromise on the CLARITY Act’s stablecoin provisions over concerns about deposit outflows and pressure on their core business model.
U.S. banks have rejected a proposed compromise tied to the stablecoin provisions of the CLARITY Act, according to The Daily Wolf host Scott Melker. He said banks are focused on protecting their own interests, specifically citing worries about deposit flight and the impact on their underlying business. The comments point to a recurring tension in digital asset policy, where stablecoins can be viewed by traditional banks as potential competitors for customer cash balances because they allow users to hold blockchain-based dollar-linked tokens instead of bank deposits.