Senator Lummis Urges Banks to 'Embrace' Stablecoins Amid CLARITY Act Stalemate

In brief

• Sen. Cynthia Lummis has urged banks to “embrace” stablecoins, calling them a faster, cheaper payment rail and “an entirely new financial product” for customers.
• CLARITY Act talks have stalled after the Senate markup was pulled, with banks pushing limits on stablecoin rewards and warning of deposit volatility.
• Treasury Secretary Bessent pressed for the bill to pass, while analysts say delays raise uncertainty as stablecoins gain “strategic significance.”