Eight Banking Trade Associations: CLARITY Act Circuit Breaker Is Not a Safeguard

Odaily News: According to crypto reporter Eleanor Terrett, eight banking trade groups have stated that the deposit outflow "circuit breaker" mechanism added to the new version of the CLARITY Act is not an effective safeguard, because the mechanism would only be triggered after large-scale deposit outflows have already occurred.In a letter to Senate leaders, these groups called for further tightening of provisions related to stablecoin rewards, in order to close loopholes that could allow stablecoin balances to earn interest-like payments.