AmericasCUs and credit union leagues from all 50 U.S. states are backing most of the Clarity Act, while asking senators to strengthen the bill’s language on stablecoin yield provisions. The position came days after former National Credit Union Administration, or TheNCUA, Chairman Rodney Hood said credit unions have an important role to play in modernizing the financial system, according to a post on X by a Fox Business crypto reporter. The groups said the current Tillis-Alsobrooks compromise could still permit what they described as a "functionally passive" rewards structure. In their view, that could pull deposits away from local credit unions. Their stance aligns with concerns already raised by parts of the banking industry over how the legislation handles stablecoin-related rewards. The latest comments add another industry voice to the debate over how lawmakers should frame stablecoin rules without creating pressure on traditional deposit bases.
AmericasCUs and credit union leagues from all 50 U.S. states support most of the Clarity Act, but they want senators to tighten the bill’s wording on stablecoin yield provisions.
According to a Fox Business crypto reporter’s post on X, former TheNCUA Chairman Rodney Hood said last week that credit unions have an important role in modernizing the financial system.
Days later, AmericasCUs and the state-level credit union alliances said they back most of the legislation while echoing banking industry concerns about the stablecoin yield section.
The groups said the current Tillis-Alsobrooks compromise could still allow a "functionally passive" rewards structure, which in their view could lead deposits to move out of local credit unions.
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