Industry groups urge the advancement of the Clarity Act

ME News Report, April 25 (UTC+8), industry group North Carolina Blockchain Association sent a letter to Senator Thom Tillis urging the advancement of the Clarity Bill into the markup process to address previous opposition from the North Carolina Bankers Association regarding stablecoin yields. The letter pointed out that the GENIUS Act has already addressed the so-called “shadow banking” issue by including stablecoin issuers under federal regulation and warned that a complete ban on yields could lead to capital outflows rather than risk reduction. The letter also emphasized that the Clarity Bill is crucial for maintaining North Carolina’s competitiveness and noted Charlotte’s position as a major banking hub in the United States, stating that the bill will provide tools for banks to lead in the digital asset space. An insider from the North Carolina Blockchain Initiative board, involved in policy discussions, said that recent communications from the Bankers Association to Tillis’s office do not represent the views of all small banks and credit unions in the state, nor do they reflect discussions at the state or Charlotte level; local legislators are pushing for stablecoin legislation that aligns with GENIUS standards and continue to support the Clarity Bill at the federal level. (Source: MLion)