ICBA Opposes CLARITY Act, Demands Total Ban on Stablecoin Rewards

The Independent Community Bankers of America (ICBA), representing approximately 5,000 community banks, has voiced strong opposition to the CLARITY Act, insisting on a complete ban on stablecoin rewards. ICBA CEO Rebeca Romero Rainey argued that stablecoins could trigger a $1.3 trillion outflow from the banking system, reducing local lending by $850 billion. The organization criticized the White House Council of Economic Advisers for downplaying these risks. The Senate is scheduled to vote on the CLARITY Act on September 15, which requires 60 votes to procee