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U.S. crypto Clarity Act clash pits Ripple CEO against JPMorgan\'s business model

Ripple CEO Brad Garlinghouse rebutted JPMorgan CEO Jamie Dimon over the U.S. Clarity Act, saying Dimon is distorting the bill and should be clearer about why he wants to keep the current system. The dispute focuses on a provision allowing platforms such as Coinbase to offer rewards to users who deposit stablecoins. Garlinghouse said JPMorgan opposes the bill to protect its existing business model. The bill has cleared a Senate committee vote but still needs final Senate approval.

Crypto

Y Combinator urges swift Senate passage of CLARITY bill

U.S. startup accelerator Y Combinator has publicly urged the Senate to pass the CLARITY bill, a digital asset market structure proposal. It said all YC companies would eventually use cryptocurrency technology, including stablecoins, and stressed the need for a regulatory framework. The company described blockchain as an “Internet of Assets” and cited use cases such as cross-border payroll and faster marketplace payouts. The bill would clarify oversight by asset type and includes customer protections.

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.