U.S. Banking Groups Urge Senate to Tighten Stablecoin Reward Limits

Eight U.S. banking groups urged the Senate to strengthen the Clarity Act’s restrictions on stablecoin interest and rewards. According to NS3.AI, the groups sent a letter to John Thune and Chuck Schumer on Monday ahead of the Senate vote on Tuesday. The banks argued that crypto companies could use rewards that function like interest to attract customer funds away from traditional banks. They called for tighter limits as lawmakers prepare to vote on the measure.