🚨NEW: Eight banking trade groups say the deposit flight “circuit breaker” added to the new Clarity Act text is “not a safeguard at all,” arguing it would only kick in after substantial deposit flight had already occurred.

In a letter to Senate leaders, the groups call for further tightening of the stablecoin rewards language to close what they describe as loopholes that could still allow interest-like payments on stablecoin balances. Their core ask remains essentially unchanged.

Subscribe @imPascalNajadi