finance
ABA Urges Banks to Contact Senators Over Stablecoin Yield Rules in Digital Asset Bill
ABA CEO Rob Nichols sent an emergency letter dated May 11, 2026, to every bank CEO calling for immediate engagement against a stablecoin yield provision in the Digital Asset Market Clarity Act ahead of a Senate Banking Committee markup on May 14. Coinbase's Paul Grewal and Sen. Bernie Moreno criticized the move.
May 11, 1:46 PM·2m read1 source
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American Bankers Association CEO Rob Nichols sent an emergency letter dated May 11, 2026, to every bank CEO in the country urging immediate engagement against a stablecoin yield loophole in the Digital Asset Market Clarity Act. The letter asked bank leaders to contact their senators and mobilize employees to do the same before the Senate Banking Committee markup scheduled for Thursday, May 14, 2026.
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“I am reaching out to make every bank leader in this country aware of an urgent advocacy fight that requires your immediate engagement,” Rob Nichols wrote.
He warned that without further changes the proposal would unnecessarily incentivize the flight of bank deposits into payment stablecoins, putting both economic growth and financial stability at risk.
M. , with a live video feed of the proceedings available to the public. Committee Chairman Tim Scott confirmed the May 14 markup date last week. The bill passed the House of Representatives on July 17, 2025, by a 294–134 bipartisan vote, with all 216 Republicans supported the bill and 78 Democrats crossed the aisle.
The Senate version of the bill expanded to nine titles covering decentralized finance protections, illicit finance provisions, bankruptcy safeguards for crypto customers, and the Blockchain Regulatory Certainty Act. Committee Chairman Tim Scott originally targeted September 2025 for a Senate floor vote.
