Key TakeawaysSenator Cynthia Lummis rejected claims that stablecoins are causing widespread deposit flight from community banks. Lummis Challenges Stablecoin Deposit ClaimsIn an X post, Lummis cited Bank of America and Federal Deposit Insurance Corporation data to challenge concerns that stablecoins are weakening smaller lenders. According to Lummis, the US lost approximately 2,000 community banks over the past decade while only 62 new banks were formed. CLARITY Draft Tightens Stablecoin Yield RulesLummis also pushed back against suggestions that the CLARITY Act's stablecoin provisions would accelerate deposit flight by allowing crypto platforms to compete directly with interest-bearing bank accounts. It would also cover loyalty, promotional, subscription or incentive programs when their rewards are economically equivalent to interest on a bank deposit.