The CLARITY Act, a bipartisan bill aimed at establishing clear rules for digital assets in the U.S., has stalled in the Senate amid heavy lobbying from banking groups. Banking interests successfully inserted provisions preventing fintech platforms from treating stablecoins as interest-bearing accounts, yet now demand tighter restrictions to eliminate consumer rewards. This political wrangling overlooks American consumers who paid $5.8 billion in overdraft fees in 2023. Stablecoins offer cheaper, faster financial services, especially for underserved communities. One in five American adults now owns crypto, and stablecoins are among the fastest-growing assets. Without CLARITY, the U.S. risks losing its competitive edge, as 88% of global crypto trading occurs on non-U.S. exchanges and the U.S. share of global crypto developers has dropped from 38% to 19%. Congress should pass the bill to benefit consumers and maintain U.S. leadership in fintech.

Key facts

• CLARITY Act stalled due to banking lobby demands for stricter stablecoin rules.
• American consumers paid $5.8 billion in overdraft fees in 2023.
• One in five U.S. adults now owns cryptocurrency; stablecoins grow fast.
• U.S. share of global crypto developers fell from 38% to 19% over a decade.
• 88% of global crypto trading volume occurs on non-U.S. exchanges.