U.S. ‘Clarity Act’ Near Release... $6.6 Trillion Deposit Outflow Scenario Emerges as Key Variable [Crypto Briefing]

[The Financial News] The United States Senate is expected to unveil the final draft of the Digital Asset Market Clarity Act of 2025, a bill on virtual asset market structure, on the 21st (local time). The review schedule was pushed back from the original plan after the American Bankers Association (ABA) objected, warning that the spread of stablecoins could trigger up to 6.6 trillion dollars in deposit outflows. The bill addresses contentious issues where the interests of traditional finance and the crypto industry collide, including a ban on stablecoin rewards paid by virtual asset exchanges and restrictions on stablecoin issuance by non-financial companies, drawing attention in South Korea as well.
According to foreign media and the virtual asset industry, the American Bankers Association (ABA) recently sent a letter to the Senate sharply criticizing loopholes in the current stablecoin regulatory framework. The ABA pointed out that the dollar-based stablecoin law enacted last year, the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act), only restricts interest payments by issuers, while failing to block interest or rewards that virtual asset exchanges and platforms provide through indirect structures.
The ABA argued, “This regulatory gap is causing funds to shift rapidly from traditional bank deposits into stablecoins, reducing the lending capacity of regional banks.” Citing data from the U.S. Department of the Treasury, the ABA’s analysis indicated that, if regulation remains insufficient, bank deposits of up to about 6.6 trillion dollars could flow out. The association also warned that regional banks in key states such as California would inevitably see a decline in their capacity to extend household and corporate loans. On this basis, the ABA is insisting that the Digital Asset Market Clarity Act of 2025 explicitly include provisions such as a legal ban on reward payments by exchanges and platforms, and restrictions on issuance by non-financial companies.
The virtual asset industry, including Coinbase, is pushing back strongly. They have labeled provisions in the Digital Asset Market Clarity Act of 2025—such as the ban on tokenized stocks, tougher regulation of decentralized finance (DeFi), and the prohibition of stablecoin rewards—as “poison pills,” and are voicing serious concerns.
Industry participants are particularly concerned that a ban on stablecoin rewards would deal a direct blow to exchange revenues. According to an analysis by iM Securities, Coinbase could see its annual fee and reward income fall by more than 1 billion dollars, as a result of changes affecting its partnership with stablecoin issuer Circle for USD Coin (USDC). Samsung Securities also noted, “Provisions that could undermine staking rewards and DeFi-based real-world asset (RWA) tokenization ecosystems are fueling industry backlash,” adding, “Legislative delays are, in the short term, a factor that heightens regulatory uncertainty.”
Senator Tim Scott, chair of the United States Senate Committee on Banking, Housing, and Urban Affairs, has currently suspended the review that had been scheduled for the 15th of this month. The Committee on Agriculture has reportedly rescheduled its markup session on the bill for the 27th. Market participants see the preliminary final draft to be released beforehand as a turning point, depending on how far it reflects the ABA’s demands for a “ban on reward payments” and “restrictions on issuance by non-financial companies.”
Debate over restricting stablecoin issuance by non-financial companies is closely aligned with the positions of South Korean authorities and commercial banks, including the Bank of Korea (BOK) and the Financial Services Commission (FSC). As a result, observers expect that the outcome of U.S. legislation will serve as an important reference point in the second-phase lawmaking process for South Korea’s General Act on Digital Assets.
Meanwhile, the Digital Asset Task Force (TF) of the Democratic Party of Korea (DPK) is currently organizing and reviewing key issues in five bills submitted by party lawmakers, and plans to continue discussions at an additional meeting on the 27th. Separately, the government bill being prepared by the Financial Services Commission (FSC) for the General Act on Digital Assets focuses on core issues such as requirements for stablecoin issuers, the establishment of a coordinating body for institutions involved with stablecoins, and minimum capital requirements for stablecoin issuers. The FSC plans to finalize the government bill after consultations within the ruling party and through discussions at the Virtual Asset Committee.

elikim@fnnews.com Kim Mi-hee Reporter