CounterPunch.org | AI Abundance: the Clarity Act and the Stablcoin Wars by Ellen Brown AI generated summary, Read the full article for complete information. As the United States nears its 250th anniversary, Congress is advancing the “Clarity for Payment Stablecoins Act” (H.R. 4766), which would embed privately‑issued, dollar‑backed stablecoins into the national monetary system—promising a new market for Treasury securities and a potential boost to the dollar’s global role, but also giving issuers the power to program, freeze, or seize funds and threatening the deposit base that underpins community banks; critics argue that while stablecoins earn huge profits by converting token sales into short‑term Treasury yields (as seen with Tether’s multibillion‑dollar earnings), their “programmable” nature bypasses constitutional safeguards and could divert anywhere from tens of billions to several trillions of dollars away from traditional banks, undermining credit creation for small businesses and local economies that rely on community banks—institutions historically vital for regional growth and equitable wealth distribution—thereby turning a debate about digital tokens into a broader contest over the future of banking, financial sovereignty, and how best to fund both the federal debt and an AI‑driven economy. Read more: https://www.counterpunch.org/2026/07/01/416602/ #UnitedStates #Congress #ClarityAct #Tether #ProjectHamilton