Banks and lenders are clashing over the stablecoin yield compromise in the Clarity Act.🚨 Under the current language of the bill, idle stablecoin holdings cannot earn yields "economically or functionally equivalent" to bank deposit interest, but activity-based rewards like cashbacks, loyalty points, and rebates are an exception. Not everyone in the banking industry is happy. 🤚 Big consumer-facing banks still see risks of massive deposit flight, citing estimates of over $6 trillion. The opposition wants a sweeping ban that covers similar activities across other crypto assets. Meanwhile, small lenders are backing the stablecoin yield deal to keep legislation moving. However, the Senate Banking Committee appears ready to move past the stablecoin yield issue to tackle other priorities in the legislation. ⚡ With that, the Clarity Act is on its way for markup on the Senate floor for official deliberations. Check out the full report on Blockzeit⏬ https://t.co/TTswsSPdS2