🚨NEW: As the clock ticks down to a markup of the Clarity Act in the Senate Banking Committee, the North Carolina Bankers Association (a state trade group) has been urging member banks to call into @SenThomTillis’s office to weigh in on the stablecoin yield debate. Per an email shared with me by an employee at a small Wilmington-based bank, circulated by leadership this week on behalf of @NCBankers, the current compromise stablecoin yield text “does not accomplish the goal” of mitigating deposit flight to stablecoins. It then encourages employees to call Tillis’s office using the following pre-written message: “The CLARITY (sic) Act must include an airtight prohibition on payments for stablecoins acting as a store of value by clearly barring any interest or yield-like payments tied to the holding, retention, or balance of payment stablecoins — without carve-outs that can be met through nominal activity or loyalty programs.” The email adds that employees don’t need to answer questions or defend their positions. “Simply state your message and you’ll be thanked for your call. It’s that easy.” The development tracks with recent reports that banks are growing increasingly restless with the current stablecoin yield compromise and are making a last-minute push for changes.
