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Crypto

Banks move as stablecoins grow in battle to defend digital dollars

U.S. financial firms are preparing a joint payments infrastructure that would let bank deposits be transferred directly on blockchains, as stablecoins expand. The Clearing House is pushing a system for 24-hour clearing and settlement of tokenised deposits, linking blockchain transactions to existing fiat networks such as RTP and CHIPS. The push is supported by regulatory distinctions between stablecoins and tokenised deposits, while banks focus on preventing deposit outflows.

Crypto

Galaxy Digital says U.S. CLARITY Act could pass with bipartisan support after long delay

The U.S. CLARITY Act on crypto market structure has entered a phase where it could pass with bipartisan support, as the Senate Banking Committee set revisions and a vote schedule. Galaxy Digital research head Alex Thorn highlighted the addition of the Build Now Act, backed by Senators John Kennedy and Elizabeth Warren, and said it may help secure Kennedy’s support. The revision also addresses stablecoin rewards, developer liability and oversight.

Crypto

Coinbase CLO says lawmakers cannot back CLARITY and oppose stablecoin rewards

Coinbase has publicly pressed the U.S. Congress to clarify whether stablecoin rewards will be allowed. Paul Grewal, Coinbase’s chief legal officer, said lawmakers who support the CLARITY Act should also oppose proposals to ban stablecoin rewards. The dispute centres on a Senate compromise that would bar passive yield on stablecoin balances while permitting limited activity-based rewards. Grewal said deposit-flight claims are theoretical, and a White House report estimated a minimal lending impact.