New ICBA polling found that small businesses say lawmakers should ensure digital assets legislation does not hamper community bank lending.
Small-Business Perspective: The ICBA polling of small-business decision makers conducted by Morning Consult in July found:
-
86% say it is important for policymakers debating crypto policies to ensure digital assets policy avoids harming bank lending in local communities.
-
77% say the cryptocurrency debate should sustain consumer access to community banks.
-
By a two-to-one margin, small-business decision makers agree that policymakers should prohibit crypto companies from offering interest-like rewards.
Support for Community Banks: Small-business decision makers showed continued support for community banks, with 86% having a favorable impression of community banks compared to a 47% favorability rating for digital asset and crypto companies.
ICBA View: With senators working to advance the Clarity Act this week ahead of their August recess, ICBA continues calling on lawmakers to strengthen the bill’s prohibition on stablecoin yield, including via ads running in Politico’s Morning Money newsletter this week.
Real-World Implications: An ICBA economic data analysis shows that failing to extend the prohibition on stablecoin yield could reduce community bank lending by $850 billion, while an ICBA interactive map details how stablecoin growth could put small-business credit at risk.
Grassroots Input Needed: With a Senate vote on the Clarity Act possible this week, ICBA is calling on community bankers to use its Be Heard grassroots action center to urge their senators to strengthen the bill’s prohibition on stablecoin yield.