As debate intensifies in the United States over the CLARITY bill to overhaul the digital asset regulatory framework, a U.S. senator warned the bill would make both banks and the cryptocurrency industry uncomfortable, drawing market attention.

Cryptopolitan, a blockchain media outlet, reported on March 10 that Maryland Senator Angela Alsobrooks (앤젤라 올스브룩스) said at an American Bankers Association summit in Washington that the CLARITY bill would make everyone a bit uncomfortable. She said it would be difficult to satisfy only one side because the bill must reconcile industry interests even as it reduces regulatory uncertainty.

The CLARITY bill centers on strengthening cooperation between the Securities and Exchange Commission and the Commodity Futures Trading Commission, two core U.S. regulators, to reduce confusion over digital asset regulation. In the United States, conflicting interpretations over whether digital assets are securities or commodities have repeatedly raised concerns that companies face dual regulation or are exposed to legal uncertainty.

Banks are most concerned about money moving into stablecoins and digital assets. Alsobrooks said that if it becomes easier for people to move funds into digital assets instead of traditional savings accounts, large-scale outflows could occur from the traditional banking system.

Some estimates project that about $500 billion could leave the traditional banking system by 2028. For that reason, banks have sought regulations that restrict crypto platforms from paying interest or simple holding rewards to stablecoin holders.

The cryptocurrency industry, however, opposes such measures, saying they could weaken market competitiveness. Alsobrooks proposed a compromise that would allow rewards tied to specific activities such as payment services, providing liquidity or using certain applications.

Separately, the SEC and the CFTC announced a cooperation framework to advance the digital asset industry at the FIA International Derivatives Expo in Boca Raton, Florida. The cooperation will proceed under an initiative called Project Crypto and has three core goals.

The first goal is to build a cryptocurrency asset classification system. The aim is to reduce uncertainty for companies and investors by establishing standards that clearly distinguish whether a digital asset is a security, a commodity or a hybrid asset.

The second goal is to introduce an alternative compliance model. Some companies currently must follow both SEC and CFTC rules. Under the new framework, the plan is to reduce overlapping regulation and ease the burden of having to comply with the same regulation twice.

The third goal is to revamp data regulation. Regulators have been criticised for collecting too much information from financial institutions. The two agencies plan to restructure the system so they collect only core data needed to manage market system risks and reduce cybersecurity risks.

The CFTC is also pursuing an overhaul of regulation for prediction markets as a key task. Prediction markets are markets in which participants bet on the outcomes of future events such as elections or economic indicators, and some describe them as a "truth machine" that aggregates information.

The CFTC is reviewing ways to clarify federal-level regulatory authority to respond to lawsuits by several state governments over such markets. At the same time, it is preparing an official regulatory framework to prevent market manipulation and ensure transparency.

The industry views the CLARITY bill and cooperation between regulators as an important turning point that will determine the direction of U.S. digital asset regulation. It also expects conflicts of interest between traditional finance and the cryptocurrency industry to become more pronounced.