Bank Policy Institute Raises Concerns Over Clarity Act's Impact on Illicit Finance and Bank Deposits

The Bank Policy Institute (BPI) has issued a statement responding to the updated Clarity Act stablecoin bill, expressing concerns about its potential to create gaps for illicit finance and siphon bank deposits. BPI emphasizes the need for stronger prohibitions on interest-like payments for stablecoins and robust anti-money laundering (AML) requirements for all digital asset service providers.