Bank CEOs Urged to Influence Senators Ahead of Digital Asset Legislation

American Bankers Association CEO Rob Nichols has called on bank CEOs to exert pressure on senators prior to the Senate Banking Committee's scheduled markup of the Digital Asset Market Clarity Act on May 14. According to NS3.AI, the contention revolves around a compromise that prohibits passive yield on stablecoin balances while permitting narrowly defined activity-based rewards. Bank trade groups have highlighted a Treasury estimate indicating potential deposit outflows of up to $6.6 trillion if yield is allowed.