US Bankers Step Up Lobbying Against Stablecoin Yield as GENIUS Act Nears Senate Floor
Banking groups are intensifying opposition to stablecoin yield as the Senate moves closer to a floor vote on the GENIUS Act, the chamber's stablecoin bill. State bankers associations have made coordinated Senate outreach a focus at conferences around the country, according to a banking source familiar with the gatherings.
The broader debate has shifted toward an ethics deal, differences between Banking and Agriculture Committee texts and the bill's treatment of decentralized finance, or DeFi, though yield remains in play as senators outside the relevant committees learn more about the legislation. Supporters of the CLARITY Act, a broader digital-asset bill, are also pressing for action, with Senator Bill Hagerty saying it would do for the broader digital-asset market what GENIUS does for stablecoin innovation and co-sponsor Dusty Johnson arguing the bill should pass.
From the sources (4 posts)
@eleanorterrett🚨NEW: Coordinated engagement with Senate lawmakers on stablecoin yield has become a key focus of state bankers association conferences around the country, according to a banking source familiar with the gatherings. The outreach comes as th
@cointelegraph🚨 NEW: U.S. bankers are stepping up lobbying against stablecoin yield as the Senate moves closer to a floor vote, per Eleanor Terrett.
@coinmarketcapLATEST: 🇺🇸 CLARITY Act co-sponsor Dusty Johnson says the bill must pass before "another Gary Gensler villain" takes over a regulatory agency.
@bitcoinnews🇺🇸"What GENIUS Act is doing for stablecoin innovation, CLARITY will do for the broader digital asset market," Sen. Hagerty said this week. Hagerty adds the CLARITY Act will provide the "clear rules of the road" needed to ensure digital ass