Crypto Legislation
Clarity Act stablecoin compromise boosts crypto markets ahead of markup
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Following last week's stablecoin yield compromise by Senators Tillis and Alsobrooks, crypto stocks rallied and markup expectations grew for the Digital Asset Market Clarity Act. Circle shares surged 18% amid optimism for Senate Banking Committee action the week of May 11, despite banking pushback.
The Senate Banking Committee plans to mark up the CLARITY Act next week, but Democratic demands for conflict-of-interest rules and banking opposition to stablecoin rewards threaten to derail the effort. Negotiators reached a compromise on stablecoin yields earlier this month, yet banks argue the language still permits evasion. A long-delayed vote on the bill, which aims to clarify digital asset oversight between the SEC and CFTC, now hangs in the balance.
Von KI berichtet
Momentum for a comprehensive regulatory framework for cryptocurrencies has slowed in the U.S. Senate, reducing chances of passage this year. Ohio Republican Sen. Bernie Moreno, a former crypto entrepreneur leading negotiations, highlighted disputes over stablecoin rewards as the primary obstacle. This follows last July's GENIUS Act, which regulated stablecoins but left broader crypto oversight unresolved.