Tech
Crypto Lawmakers Push CLARITY Act After Stablecoin Deal
Crypto industry leaders are lobbying Congress to pass the CLARITY Act, a bill designed to regulate stablecoins. The proposed legislation would ban yield rewards for merely holding stablecoins but permit rewards upon their actual spending. Progress is reported in the Senate Banking Committee, where Chair Tim Scott indicated a bipartisan markup vote is anticipated in May. However, the bill faces scrutiny from the banking industry, which remains cautious about potential loopholes. Furthermore, internal disagreements among Republican senators and lingering concerns over ethics provisions could complicate the final passage of the act.
