USHCC Joins Growing Opposition to CLARITY Act Ahead of Senate Vote

The U.S. Hispanic Chamber of Commerce (USHCC) has expressed concerns about the potential impact of the CLARITY Act on Hispanic-owned small businesses, urging lawmakers to revise certain provisions.

The chamber argues that the bill could accelerate deposit migration from community banks and reduce lending to these businesses, which are often reliant on community banks for financing.

This criticism comes despite growing support for the legislation among crypto firms and traditional financial institutions, including Coinbase and Goldman Sachs.