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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.
Crypto
U.S. major banking groups oppose compromise on stablecoin bill
Major U.S. banking groups opposed a compromise provision in a crypto market structure bill on stablecoin returns, The Block reported on Sunday. The American Bankers Association and four other groups said the compromise by Senators Angela Alsobrooks and Thom Tillis falls short of the goal of banning yields and interest on stablecoins. The proposal would bar payments for simply holding stablecoins but allow activity- and transaction-linked rewards.
