Credit card rewards are a major part of how Americans pay for things; a small reward for spending money we were going to spend anyway.
That’s basically what’s on the table with the CLARITY Act, a bill being considered by the Senate that would set rules for digital assets. Lawmakers passed legislation, which let people earn similar rewards on stablecoins. Now, banks are claiming those rewards will pull money out of local banks and credit unions.
That story doesn’t check out. A 2025 analysis from Charles River Associates looked at data back to 2019 and found little connection between stablecoins and community banks losing deposits. The White House Council of Economic Advisers came to a similar conclusion. If anything, FDIC data shows deposits at those smaller banks have grown by over 25% over that same stretch. There’s no reason to strip away a benefit people already have to fix a problem that doesn’t exist.
Sen. John Curtis, R-Utah, has spent his career backing Utah’s entrepreneurs and its tech industry. He has a chance to do that again by supporting the CLARITY Act the way it’s written instead of letting banks water it down to avoid competition in the marketplace.
Andrew Croyle
Ogden, Utah