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BTC Eight major U.S. banking organizations have jointly sent a letter to Senate leaders calling for amendments to the Digital Asset Markets Clarification Act.
Eight major U.S. banking trade groups have jointly sent a letter to Senate Majority Leader John Thun John Thune and Minority Leader Chuck Schumer urged changes to the Digital Asset Market Clarity Act ahead of a key procedural vote scheduled for Tuesday, September 15.
"Circuit breaker" controversy: Latent protection is not true safeguards
A broad coalition of the American Bankers Association, the Bank Policy Institute, and the Independent Community Bankers Association of America (ICBA) wrote to the two top Senate leaders on Monday seeking adjustments to the bill. Its core objection is against a safeguard clause added to the latest draft to prevent the loss of deposits.
The alliance specifically pointed out a proposed "circuit breaker mechanism" for deposit losses. The mechanism allows regulators to intervene when stablecoins begin to cause significant losses of bank deposits, but the alliance believes: "A circuit breaker mechanism that is activated only after a significant loss of deposits occurs is not a guarantee at all."
The ICBA provided more details in a separate letter, noting that the proposal would cover an 18-month period after the law takes effect. Action can be triggered if regulators determine that the funds transferred into payment stablecoins have had a "significant adverse impact" on small community banks with assets of less than US$10 billion.
stablecoin earnings and legislative process
These banking groups also called for more stringent legal language, stating that "further technical improvements are needed to ensure that the text clearly and directly prohibits payment stablecoins from providing interest-like payments."
Banks believe that the current wording contains loopholes and could actually allow stablecoin balances to generate returns similar to gains, thereby withdrawing deposits from traditional lenders. The dispute reflects banking concerns about deposits and lending and confronts the view of cryptocurrency advocates, who believe that there is no evidence that stablecoin rewards cause deposit losses and that lawmakers have previously addressed the issue.
The Senate sponsors released the 635-page final draft of the CLARITY Act on September 14, 2026, which increased the Treasury Department's "circuit breaker" authority when payment type stablecoins cause the loss of community bank deposits, in preparation for the upcoming closure vote on Tuesday. The sponsors said the text reflected the results of more than a year of negotiations and included 126 substantive changes proposed by Democrats.
According to the rules, filing an invoking cloture does not directly pass the bill, but requires 60 votes in support. Currently, the negotiating parties have not yet fully resolved their differences on ethics clauses, illegal financial activities and stablecoin rewards. If the bill fails to receive enough votes, it will be effectively aborted in 2026.
