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The Independent Community Bankers Association (ICBA) opposes the CLARITY Act, and ICBA President and CEO Rebeca Romero Rainey has stated that stablecoin reward vulnerabilities must be closed. ICBA states that stablecoins may cause $1.3 trillion in deposits to leave the banking system and reduce local loan volumes by $850 billion. The association has urged Senators Josh Hawley and Jerry Moran to oppose the current version of the bill. Rebeca Romero Rainey criticized the report released by the White House Council of Economic Advisors (CEA) for downplaying banks' concerns about deposit outflows. The Senate plans to vote on the CLARITY Act on September 15th. (Bitcoin.com News)