Search results for Bank Policy Institute
Crypto
U.S. banks call for stablecoin rules to cover secondary market trading
U.S. banking groups have urged regulators to clearly extend anti-money laundering rules for stablecoins beyond issuance to secondary market trading. The crypto industry has pushed back, warning that imposing responsibility for transactions issuers cannot control could shrink the DeFi ecosystem. The debate centres on who should monitor transfers after issuance, including movements between exchanges, DeFi protocols and private wallets, and how far regulatory responsibility should reach.
Crypto
Progress on U.S. CLARITY Act but 60 votes in full Senate uncertain
The U.S. Senate Banking Committee approved the CLARITY crypto market structure bill by 15 to 9, with two Democrats joining Republicans. Support in the full Senate remains uncertain as those Democrats set conditions tied to ethics language. U.S. banking groups also urged changes to stablecoin provisions, warning of regulatory loopholes. The bill must be reconciled with another Senate version and needs at least 60 votes in the full chamber.
Crypto
TD Cowen says no room for compromise as stablecoin yield row rocks CLARITY Act
U.S. banks’ formal opposition to a compromise that would partially allow returns linked to stablecoins is again shaking prospects for passage this year of the crypto market-structure bill known as the CLARITY Act. TD Cowen said rising industry pushback could push review into June and squeeze the timeline for a Senate vote. Bank groups said the compromise was insufficient, while Ripple CEO Brad Garlinghouse said the next 2 weeks are critical.
