134 bank executives in the United States have sent a letter to the Senate requesting amendments to the stablecoin provisions of the CLARITY Act

134 officials from the American Bankers Association and bank executives have sent a letter to the Senate requesting that Section 10404 be amended before the CLARITY Act is finally passed to strengthen restrictions on the payment of stablecoin interest and income. Bankers are demanding an expansion of restrictions to prevent companies from providing economic benefits for holding stablecoins through rewards or incentives, in order to prevent a weakening of the hundreds of billions of dollars in funding base that supports local loans. The signatories believe that clear rules can allow the development of stablecoins while retaining financing channels that support community loans.