Dear Community Banker,

Our battle over stablecoin legislation is not over, but today we learned that community bankers’ persistent advocacy is paying off. 

While the crypto industry has had a full court press to pass their version of the Clarity Act in the Senate, the Senate’s decision not to take up the Clarity Act before the August recess is a testament to our industry’s hard work raising awareness of the risks of stablecoin yield and fixes that still need to be made. 

Through your grassroots outreach, direct ICBA advocacy with congressional offices, the partnership of our affiliated state associations, and a multipronged ICBA media campaign that has blanketed Capitol Hill with our concerns about the bill, we have broken through to many lawmakers and media outlets and achieved an important delay that will allow us to continue advocating for a robust prohibition on stablecoin yield. 

Now that we have won a delay, our fight nevertheless must continue. The powerful and well-funded crypto sector is putting everything they have behind this bill to get a vote this year, with its flawed language on stablecoin yield that puts community bank deposits and lending at risk. 

With lawmakers set to head home for the August recess without a vote on Clarity, please continue using ICBA’s Be Heard grassroots action center to contact your senators on this important policy, our Meetings on Main Street guide to conduct meetings with lawmakers in August, and the messaging and social media tools on our Main Street Over Crypto resource center. 

Thank you for all you have done to ensure the community bank voice is heard loud and clear in the nation’s capital. By continuing our fight on this critical issue, we can protect community bank lending in our local communities. 

Sincerely,

Rebeca Romero Rainey

ICBA President and CEO