SkyBridge Capital founder Anthony Scaramucci has attacked the US CLARITY Act for barring stablecoin issuers from paying yield to holders, arguing that the rule protects banks while weakening the competitive position of dollar-backed stablecoins. His criticism was blunt: if a payment rail offers no return, emerging markets may have little reason to prefer it.
Scaramucci says banks pushed to block yield
According to the source material, the CLARITY Act carries forward a restriction already seen in the GENIUS Act, prohibiting stablecoin issuers from offering yield. Scaramucci said the banking sector does not want competition from stablecoin issuers and has lobbied to shut down that feature. In his view, the policy choice is less about neutral oversight and more about defending incumbents.
He contrasted the US approach with China’s digital yuan framework. Scaramucci pointed out that since January this year, the People’s Bank of China has allowed commercial banks to pay interest on digital yuan deposits. That comparison sits at the center of his argument: if one system offers yield and another does not, the decision for emerging economies may be straightforward.
Coinbase CEO warns the US is missing the bigger picture
Coinbase CEO Brian Armstrong also raised concerns. He said the US risks missing the broader issue, arguing that stablecoin rewards would not alter how lending markets function, but could have a major effect on whether US stablecoins remain competitive internationally.
That shifts the debate beyond a narrow regulatory clause. Armstrong’s view, as presented in the source, is that yield on stablecoins may not reshape lending, yet it matters heavily when the question is global adoption and market position.
Banks cite risk of up to $6 trillion in deposit outflows
Banking industry concerns have been clear for some time. Bank of America CEO Brian Moynihan previously warned that allowing yield-bearing stablecoins could trigger as much as $6 trillion in bank deposit outflows. That concern helps explain why the CLARITY Act expanded the scope of the earlier ban contained in the GENIUS Act.
Based on the source, the dispute over stablecoin yield reaches past product design or compliance details. It touches payments, deposits, and monetary influence at the same time. Industry figures cited in the material argue that the yield ban mainly serves to protect the traditional banking system, while the rise of an interest-bearing digital yuan adds pressure on US policymakers to revisit the restriction.