Patrick Witt(@patrickjwitt):Crypto companies have been offering rewards on stablecoins for years. We don’t need to speculate: If the deposit flight myth were real, it would have already occurred. Instead, data shows bank deposits are going up, not down. Still, the compromise contained in Section 404 of the Clarity Act restricts the payment of stablecoin rewards that mimic interest on bank deposits. The latest draft now also adds a “circuit breaker” granting the Secretary of the Treasury extraordinary authority to further restrict stablecoin rewards in the event the boogeyman of deposit flight materializes. If Clarity fails, banks get none of these protections.

2026.09.14 17:24

Crypto companies have been offering rewards on stablecoins for years. We don’t need to speculate: If the deposit flight myth were real, it would have already occurred. Instead, data shows bank deposits are going up, not down. Still, the compromise contained in Section 404 of the Clarity Act restricts the payment of stablecoin rewards that mimic interest on bank deposits. The latest draft now also adds a “circuit breaker” granting the Secretary of the Treasury extraordinary authority to further restrict stablecoin rewards in the event the boogeyman of deposit flight materializes. If Clarity fails, banks get none of these protections.

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