Search results for Rob Nichols
Crypto
U.S. banking lobby backs Clarity Act but says stablecoin provisions need fixes
A U.S. banking industry lobbying group has voiced support for passage of the Clarity Act, a cryptocurrency regulation bill, while urging revisions to some stablecoin provisions. American Bankers Association CEO Rob Nichols said the bill contains many positive elements but needs limited changes related to stablecoins and community lending. Banks say yield-bearing stablecoins could erode deposits. Lawmakers are pushing to advance the bill before the August recess as debate narrows to stablecoin yields and competition with bank deposits.
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
U.S. Senate banking panel releases CLARITY bill amendment ahead of markup
The U.S. Senate Banking Committee has released an amended version of the CLARITY crypto market structure bill reflecting stablecoin reward limits and protections for DeFi developers. The amendment does not include ethics provisions addressing potential conflicts of interest tied to President Donald Trump and his family’s crypto businesses, which Democrats say must be included. The bill must clear committee review and later be reconciled with a similar measure from the Senate Agriculture Committee.
