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134 Bankers Just Told Congress: No Yield for Stablecoins The CLARITY Act is moving fast, and now the banking lobby is pulling hard in the opposite direction. 134 officials from US banking associations and bank executives signed a letter to the Senate this week, asking for changes to Section 10404 before final passage. Their core ask: tighten the rules on interest and yield from payment stablecoins, and widen the net to catch "interest-like benefits" via rewards programs too. The argument isn't unreasonable. If stablecoins start paying yield, capital that would otherwise sit in bank deposits could migrate on-chain. The banking groups warn this could drain hundreds of billions from local lending pools, the kind that funds mortgages and small business loans in communities across the US. But here's the other read: this is also an industry protecting its turf. Banks have resisted crypto integration at almost every turn, and framing yield-bearing stablecoins as a systemic risk to community lending is a convenient argument when your core product is the deposit account. SEC Chair Atkins has said he's optimistic the Act passes before the August recess. If it does, how Section 10404 lands will largely determine whether yield-bearing stablecoins become a legitimate mainstream product or get neutered before they ever get started. The CLARITY Act isn't just about crypto getting regulated. It's about who gets to shape what that regulation looks like. Share your thoughts in the comments 👇