CoinDesk
The American Bankers Association is running an aggressive lobbying campaign against the Senate's Digital Asset Market Clarity Act ahead of a Banking Committee markup scheduled for Thursday, warning that stablecoin provisions in the updated bill still leave room for yield-like rewards that could pull deposits out of traditional banks. The ABA circulated a call-to-arms to bank executives nationwide, urging direct contact with senators to tighten restrictions before the vote.
The core dispute: bank trade groups argue yield-bearing stablecoins function as substitutes for insured deposits, draining the funding banks use to make mortgages and business loans. The ABA's own economists pushed back on a White House Council of Economic Advisers analysis, arguing that permitting stablecoin yield could scale the market from roughly $300 billion today to as much as $2 trillion — a funding shock the…
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