Chairman of the American Bankers Association: Banking lobby groups want the CLARITY Act passed, but issues surrounding stablecoins still need to be resolved

On July 30, RobNichols, chairman of the American Bankers Association, said in an interview with CNBC that banking lobbying groups hope that the CLARITY Act will be passed, but issues surrounding stablecoins still need to be resolved. The bill is about 600 pages long, and we only recommend minor precise changes to two paragraphs to prevent stablecoins from replacing bank deposits. There is a reason why they are called payment stablecoins, not deposit stablecoins. But I do think the crypto industry and banking industry can coexist.