BANKS | ABA Chairman Rob Nichols Says CLARITY Act Needs Stablecoin Fixes

U.S. banking lobby groups want the CLARITY Act to pass, but issues around stablecoins still need to be resolved, American Bankers Association Chairman Rob Nichols said in a CNBC interview. According to Foresight News, Nichols said the group is seeking only small, precise changes to two parts of the roughly 600-page bill to prevent stablecoins from replacing bank deposits.He said payment stablecoins are called that for a reason and should not be treated as deposit stablecoins. Nichols also said he believes the crypto industry and the banking industry can coexist.