‘Crypto v community’: 4,000 local US lenders join forces to fight ‘stablecoins’ law

Up to 4,000 community banks fear looming legislation to regulate digital cash will deprive rural firms and farmers of $850bn-worth of loans On a quiet summer morning, above a small mid-western town, an American flag is waving in the breeze. The camera cuts to a father helping his son at the wheel of a tractor, and flits to a smiling couple on a grass-lined pavement, moments before flashing to grainy images of “crypto insiders” in suits. “American families don’t want experiments with their money,” a voice booms. “They want jobs, growth, and available credit. When crypto gets a free pass, communities pay the price.” The 30-second video, which launched in Washington DC this month, is part of a six-figure advertising campaign by the Independent Community Bankers of America (ICBA), meant to help fight a landmark bill that will determine how America’s multibillion-dollar crypto sector is regulated. The ICBA – which represents about 4,000 small community banks across the US – is concerned that the Clarity Act will let crypto companies pay out rewards and incentives for customers transferring, or using, “stablecoins”. Stablecoins are cryptocurrencies whose value is