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Crypto

Y Combinator urges swift Senate passage of CLARITY bill

U.S. startup accelerator Y Combinator has publicly urged the Senate to pass the CLARITY bill, a digital asset market structure proposal. It said all YC companies would eventually use cryptocurrency technology, including stablecoins, and stressed the need for a regulatory framework. The company described blockchain as an “Internet of Assets” and cited use cases such as cross-border payroll and faster marketplace payouts. The bill would clarify oversight by asset type and includes customer protections.

Crypto

U.S. community banks launch campaign against Clarity bill over stablecoin rewards

The U.S. community banking industry has launched a public campaign against the Clarity bill, a crypto market-structure measure under discussion in the Senate. The Independent Community Bankers of America said allowing yields or rewards on stablecoin holdings could trigger $1.3 trillion in deposit outflows and cut loans by $850 billion. The Senate Banking Committee advanced the bill on May 15. Crypto industry groups rejected ICBA’s claims, while passage remains uncertain.

Crypto

Jay Clayton, figure in XRP lawsuit, nominated for U.S. director of national intelligence

Jay Clayton (제이 클레이턴), the former U.S. Securities and Exchange Commission chairman who began an unregistered securities lawsuit against Ripple Labs over XRP, has been nominated as a candidate to lead the U.S. Director of National Intelligence. The nomination comes after opposition in Congress to a prior pick. Clayton is serving as Manhattan U.S. attorney and is reported to have been recommended by CIA Director John Ratcliffe.