U.S. banking lobby groups want the CLARITY Act to pass, but issues around stablecoins still need to be resolved, American Bankers Association Chairman Rob Nichols said in a CNBC interview. According to Foresight News, Nichols said the group is seeking only small, precise changes to two parts of the roughly 600-page bill to prevent stablecoins from replacing bank deposits.

He said payment stablecoins are called that for a reason and should not be treated as deposit stablecoins. Nichols also said he believes the crypto industry and the banking industry can coexist.