Banking groups back CLARITY Act changes
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- US banking associations have urged lawmakers to amend the CLARITY Act.
- The groups want changes to rules covering digital asset yield products.
- They said clearer rules would reduce regulatory uncertainty for banks.
Several US banking associations have asked lawmakers to change the CLARITY Act before it moves forward in Congress.
The groups said the bill should better define how digital asset yield products are regulated.
"Clear and consistent rules are essential for banks serving digital asset customers," the associations said.
The organisations warned that unclear language could create legal uncertainty for banks offering crypto-related services.
The proposal asks lawmakers to align the legislation with existing banking regulations and supervisory standards.
The CLARITY Act aims to establish a regulatory framework for digital assets and clarify the roles of US financial regulators.
Banking groups said they support digital asset innovation but want clear rules that protect consumers and maintain financial stability.