CLARITY Act Debate Intensifies Over Stablecoin Rewards and Bank Deposits

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The debate over the CLARITY Act has intensified, with stablecoin rewards and their potential impact on community banks becoming a major point of disagreement. Supporters say the available deposit data does not show stablecoins causing widespread deposit flight. Sen. Cynthia Lummis pushed back against claims from some community banks that stablecoins are driving deposits away.  …