The Independent Community Bankers of America (ICBA), representing about 5,000 U.S. community banks, opposes the Digital Asset Market Clarity Act, or CLARITY Act, and rejects any compromise allowing stablecoin rewards. ICBA President and CEO Rebeca Romero Rainey said rewards tied to activity rather than ownership would still leave a loophole, arguing that stablecoins could serve purposes beyond payments and compete for bank deposits. The association estimates stablecoins could remove $1.3 trillion from the banking system and reduce local-bank lending by $850 billion. ICBA has helped persuade Republican Senators Josh Hawley and Jerry Moran to oppose the bill in its current form, leaving it short of the 60 votes needed to advance before the scheduled Sept. 15 Senate vote. Romero Rainey also criticized a White House Council of Economic Advisers report for downplaying banks' concerns about deposit flight.