U.S. Senate to vote on Clarity Act amid stablecoin reward controversy

The U.S. Senate is scheduled to vote on the Clarity Act on September 15. The legislation faces significant opposition from banking lobby groups, led by the American Bankers Association (ABA), regarding provisions that allow non-bank entities to offer stablecoin rewards. Critics argue that these rewards could trigger a mass exodus of deposits from traditional banks, potentially destabilizing the financial system.