In a new Q&A, ICBA President and CEO Rebeca Romero Rainey told Banking Dive that policymakers must address ambiguities within the Clarity Act that could allow stablecoins to hurt local lending.
Details: In the Banking Dive interview, Romero Rainey said:
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Deposits leaving communities and converting to stablecoins could lead to an $850 billion decline in local lending.
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Community bankers are meeting with their senators during the August recess to show them very specifically what deposit flight means for their state.
Real-World Effect: ICBA last month unveiled an interactive map that details the implications of unchecked stablecoin growth on small-business credit availability in each state.
Community Banker Advocacy: With lawmakers home for the August congressional recess, community bankers can utilize ICBA’s Be Heard grassroots action center to contact their senators, its Meetings on Main Street guide to conduct meetings with lawmakers, and the messaging and social media tools on the Main Street Over Crypto resource center to share the effect that the Clarity Act as written would have on community lending.
Media Campaign: The Banking Dive interview is the latest hit in ICBA’s ongoing media campaign on the Clarity Act, which has led to key coverage in The Wall Street Journal, Politico, Punchbowl News, Reuters, The Banker, The Huddle podcast, and Bloomberg Television.