ICBA is urging the OCC to pause Kraken’s national trust bank charter application, arguing that crypto firms are seeking federal banking access without equivalent bank regulation. The debate is widening to include the CLARITY Act and yield-bearing stablecoins.
The Tennessee Bankers Association chose Stablecore as its preferred digital asset tech provider, enabling 175 member banks to offer stablecoins, tokenized deposits via existing systems, signaling faster crypto adoption among regional lenders.
The Tennessee Bankers Association has selected Stablecore as a preferred digital asset technology provider, enabling member banks to explore stablecoins, tokenized deposits and crypto-backed lending through existing banking systems.
The U.S. Senate Banking Committee released the full 309-page manager's amendment of the Digital Asset Market Clarity Act early Monday, ahead of a Thursday markup. The most contentious provision—Section 404 on stablecoin yield—bars issuers from paying yield equivalent to bank interest but permits activity-based rewards. Banking groups (ABA, BPI, ICBA) sent a joint letter urging Congress to block the provision, arguing yield-bearing stablecoins threaten deposit insurance. Coinbase CEO Brian Armstrong defended the compromise, while Galaxy Digital research claims stablecoins will pull trillions in foreign capital into U.S. banks. The bill retains DeFi protections for non-custodial developers. The biggest fault line is ethics: Democrats demand a provision barring President Trump and senior officials from profiting via insider status in crypto (citing $1.4B in Trump family gains), but the White House opposes targeting specific individuals. The bill must pass committee, merge with the Agriculture Committee version, and secure 60 Senate votes; the White House targets a July 4 signing as a 250th anniversary milestone.
