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Crypto

Crypto industry urges U.S. Senate to vote on CLARITY Act as Coinbase, Ripple join

More than 200 cryptocurrency companies and industry groups, including Coinbase, Ripple, Kraken, Andreessen Horowitz, Circle and Binance.US, urged U.S. Senate leaders to hold a floor vote on the CLARITY Act. The bill passed the Senate Banking Committee on May 14, 15-9, but still needs 60 votes on the Senate floor and further steps. Analysts are divided on passage this year, with debate including stablecoin interest-like rewards.

Crypto

CME CEO warns crypto perpetual futures could wipe out retail investors

CME Group CEO Terry Duffy (테리 더피) voiced strong concern about U.S. regulators approving crypto perpetual futures, warning they could pose excessive risks to retail investors and harm financial market stability. He said the products often offer leverage of up to 50 times, meaning a 2 percent adverse price move can trigger full liquidation. Duffy also criticised the review process as rushed and said retail investors may not understand funding fees or automatic liquidations.

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.