The Banking Committee has published the 309-page Clarity Act. The new version of the bill has garnered support from the crypto industry, including Coinbase. Previously, the cryptocurrency exchange did not support the Clarity Act due to restrictions on yield payments from stablecoins. However, they secured concessions allowing for rewards based on balance and holding duration of stablecoins. This week, the committee, led by Tim Scott, will review and vote on the bill. The Clarity Act does not impose any restrictions on digital asset transactions for lawmakers, including the president. Rob Nichols, head of the American Bankers Association, criticized the bill. He argues that the Clarity Act does not sufficiently prevent reward payouts from stablecoins that are similar to bank deposits. Nichols urged banks to contact their senators to address the issue. According to Polymarket, the probability of Clarity being adopted by 2026 is 69%.
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Senate Unveils Updated Bill on Crypto Market Regulation
The Banking Committee has published the 309-page Clarity Act. The new version of the bill has garnered support from the crypto industry, including Coinbase. Previously, the cryptocurrency exchange did...