Banks escalate stablecoin rewards fight as Senate prepares for a Clarity Act vote
Eight banking groups on Monday said they want tighter limits on stablecoin rewards, keeping the ongoing banks-versus-crypto dispute alive in Congress.
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Clarity Act
Eight banking groups on Monday said they want tighter limits on stablecoin rewards, keeping the ongoing banks-versus-crypto dispute alive in Congress.
The state AGs said they were concerned the crypto legislation might restrict their ability to bring securities and commodities cases tied to online scams.
Kalshi and Polymarket bettors sharply raised the chances of U.S. crypto market structure legislation advancing, with Tuesday’s Senate vote the next test.
I dunno, flip a coin.
The crypto industry eagerly awaits a September 15 vote, though it might not happen. Or maybe it will. Or it might get delayed or reappear in some other form.
Polymarket bettors have cut the odds of the CLARITY Act passing this year to a record low as Senate negotiations over ethics provisions remain unresolved.
After a long stretch without breakthroughs in the crypto market structure bill, insiders say a new draft may emerge in a final push for late-July action — though it still lacks bipartisan buy-in.
All parties are still optimistic that Clarity can happen before the midterms, but time is really starting to run out.
The bank says Congress should pair regulatory clarity with safeguards as Senate negotiates the Clarity Act.
Officials from the White House are said to be sitting down with law enforcement representatives who have objected to illicit-finance portions of the bill.