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Crypto
Five obstacles to U.S. CLARITY bill, from Trump controversy to stablecoin interest
The U.S. Congress’ cryptocurrency bill known as the CLARITY Act faces at least five hurdles beyond the question of interest on stablecoins, an analysis said. TD Cowen pointed to vacancies at the CFTC, efforts to fold prediction markets into the bill, controversy over a Trump family-linked crypto project, pressure to tighten AML and Bank Secrecy Act provisions, and the possible attachment of a credit card competition bill. Stablecoin interest remains unresolved.
Crypto
Stablecoin growth likely to have limited impact on U.S. banks in near term, infrastructure barriers in focus
Stablecoins are unlikely to erode U.S. banks\' market share in the near term, as existing payment systems are already fast, low-cost and trusted, Moody\'s Investors Service said. Avi Srivastava (아비 스리바스타바) cited the ban on interest-bearing stablecoins as another factor reducing incentives to replace deposits. He said market capitalization topped $300 billion late last year and use is expanding in payments, cross-border commerce and on-chain finance. Moody\'s said combined growth with real-world assets could pressure banks through deposit outflows and reduced lending capacity.
Crypto
Galaxy Digital says new U.S. SEC standard marks turning point, ending Gensler-era confusion
The U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission have presented a new digital asset classification framework, prompting assessments that U.S. cryptocurrency regulation has reached a turning point. The agencies issued guidance dividing digital assets into five categories, including digital commodities, NFTs, stablecoins and tokenized securities. Industry participants view the nonbinding, interpretive-rule format as a shift away from the prior approach under Gary Gensler.
