ABA Backs CLARITY Act but Urges Tighter Stablecoin Reward Rules

The ABA's position is a notable split: endorsing the CLARITY Act while pushing to narrow one of its more consumer-facing features. That matters because it signals the banking lobby is willing to accept a market-structure framework provided stablecoin reward programs—seen as competing with deposits—are constrained. The practical question is whether lawmakers treat the ABA's recommendations as drafting guidance or as a wedge to reopen broader stablecoin provisions, and whether reward programs survive the process in a form the industry recognizes.