Rob Nichols, chief executive of the American Bankers Association, said the banking lobby supports the Clarity Act but wants lawmakers to make limited changes before the bill comes to a vote.

Speaking on CNBC’s Squawk Box, Nichols said the group backs most of the roughly 600-page measure. He said its concerns are concentrated in two paragraphs tied to stablecoin rewards and their possible effect on local lending.

JUST IN: American Bankers Association CEO tells CNBC "There's a lot of good in the Clarity Act" "I do think that the crypto and the banking sectors can coexist. I think we can be the crypto capital of the world." "We're working with the Senators" on this bill. pic.twitter.com/3SldlEBEOS — Bitcoin Magazine (@BitcoinMagazine) July 29, 2026

Nichols said the banking industry wants the Clarity Act to pass, while also urging senators to revise the disputed language before moving forward. That stance reflects a broader effort by banks and crypto firms to shape the first major federal market structure bill for digital assets, as lawmakers try to settle the framework before the August recess.

Clarity Act Faces Stablecoin Dispute

The Clarity Act is intended to establish federal rules for crypto markets in the United States. Lawmakers are trying to advance the bill before Congress begins its August recess.

Banks have warned that crypto platforms could offer stablecoin rewards that pull deposits away from local lenders. They say that could leave less money available for loans to households and small businesses.

Coinbase withdrew its support for the bill in January after disagreements with banking groups. The exchange opposed proposed limits on customer rewards tied to stablecoins.

Coinbase policy chief Faryar Shirzad said large banks are already using blockchain products. He pointed to interest from JPMorgan and Bank of America in stablecoins and payment services.

Senators Seek Bipartisan Agreement

A new draft of the bill would bar federal officials and their family members from issuing or promoting digital assets. The proposal responds to concerns raised by Democratic lawmakers.

Republicans want senators to finish the bill soon. Some Democrats support the market structure framework, while Senator Elizabeth Warren has raised concerns about political conflicts and criminal use.

Nichols said banking and crypto companies can operate in the same market. He said the United States can support both a strong banking sector and a growing digital asset industry.

Fidelity, Goldman Sachs, crypto groups, and several lawmakers have backed the revised text. The main question now is whether senators can resolve the stablecoin dispute and move the Clarity Act forward before the recess.