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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

FTX founder Sam Bankman-Fried seeks official pardon from Trump administration

FTX co-founder Sam Bankman-Fried has formally requested a pardon from the Trump administration, filing an application under the U.S. Justice Department’s pardon attorney process, Decrypt reported. Bankman-Fried is serving a 25-year prison sentence after a 2024 conviction for fraud and conspiracy. The reasons for his request have not been confirmed because the filing is confidential. He has said he would accept a pardon if offered.

Crypto

White House pushes for fast action, JPMorgan sees hurdles ahead on CLARITY Act

JPMorgan has assessed that the chances have declined that the CLARITY Act, a U.S. cryptocurrency market structure bill, will pass this year. Although it cleared a Senate committee, it still faces a Senate floor vote, coordination with the House and a presidential signature, leaving its fate before the midterm elections uncertain. JPMorgan cited a tight legislative calendar and disputes over rules governing yield on stablecoin holdings.