Search results for Consumer Bankers Association
Crypto
U.S. banks face pressure to curb stablecoin returns; a16z says it could backfire
Opposition by U.S. banks to the CLARITY bill could weaken their own position, a16z crypto policy head and general counsel Miles Jennings said. He argued that the GENIUS Act is already in force and has accelerated on-chain dollar movement, with other real-world assets likely to follow regardless of CLARITY. If CLARITY fails, he said, stablecoin deposit yield structures banks oppose would remain. Banking groups have urged stricter bans on interest-like rewards for holding stablecoins.
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.
