Senator Thom Tillis
@SenThomTillis
.@Sen_Alsobrooks and I have worked on a bipartisan basis with all stakeholders to address the banking industry’s concerns about deposit flight. They have had a seat at the table and have been directly sharing their feedback and ideas for months to inform the final product. We have worked in good faith with all sides throughout this process to encourage compromise and to avoid letting the perfect become the enemy of the good.
The result is a substantially improved, consensus-based product. Our compromise prohibits stablecoin rewards from resembling interest on bank deposits, our core concern over deposit flight.
Our compromise also allows crypto companies to offer other forms of customer rewards. Most importantly, it helps put us on a bipartisan path to pass the CLARITY Act, providing the regulatory certainty needed to foster innovation. Some in the banking industry may not want either of these things to happen, and we respectfully agree to disagree.
Brendan Pedersen
@BrendanPedersen
News: Banking groups released a statement Monday criticizing a compromise on stablecoin yield from Sens. Thom Tillis (R-N.C.) and Angela Alsobrooks (D-Md.), saying it "falls short" of protecting bank deposits.
2026-05-04T23:06:41.000Z
2026-05-05T00:49:01.000Z