Banks pushed Congress to kill stablecoin yield with CLARITY Act – Coinbase may have found the loophole

For traditional US banks, the CLARITY Act was intended as a firewall that effectively barred crypto companies from offering “passive” interest on stablecoins. The legislation aimed to prevent a catastrophic deposit flight in which everyday checking account balances drain from the banking system into high-yield crypto exchanges. But as lawmakers prepare to finalize the framework, The post Banks pushed Congress to kill stablecoin yield with CLARITY Act – Coinbase may have found the loophole appeared first on CryptoSlate.