Advocacy Alert: Contact Your Senators on the Clarity Act
What's at Stake
The Senate is expected to take a key procedural vote on the Clarity Act on Tuesday. While the current legislation includes restrictions on stablecoin yield, those protections do not go far enough.
The bill should prevent crypto exchanges and other intermediaries from offering interest-like rewards that could draw deposits away from community banks.
Why It Matters for Community Banks
Deposits provide the funding community banks use to make loans to local businesses, farmers, homeowners, and families. Allowing stablecoins to compete for those deposits without comparable regulatory oversight and safeguards could reduce the funding available for lending in Minnesota communities.
The potential impact is significant. ICBA analysis estimates that unchecked stablecoin growth could reduce community bank lending nationwide by $850 billion.
Make Your Voice Heard
Minnesota's senators need to hear directly from community bankers before Tuesday's vote.
ICBA's Action Center makes it easy to contact Senators Amy Klobuchar and Tina Smith. A message is already prepared, and you can review or personalize it before sending.