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Major U.S. banks push back on new CLARITY Act proposal
“The final rewards text in the CLARITY Act is now public,” Shirzad posted on X.
He added that the compromise protects “the ability for Americans to earn rewards, based on real usage of crypto platforms and networks,” which he believes is critical for U.S. national security and innovation.
Bill’s future remains uncertain
The Digital Asset Market CLARITY Act is the top priority for the crypto sector, aiming to formally legalize and regulate digital assets in the U.S. While it passed the House last July with a 294 to 134 vote, the bill has stalled in the Senate due to this specific dispute.
The disagreement has slowed progress on the legislation. With the U.S. midterm elections set for November 2026, there are growing concerns that the bill may not pass in time.
For now, both sides appear willing to keep negotiating. Banking groups said they plan to submit detailed recommendations to lawmakers “in the coming days” and will continue working with Congress to balance innovation with financial stability.
At stake is how stablecoins, which are one of the fastest-growing segments of the crypto market, will fit into the traditional financial system.
Banks want to protect deposits that fund loans and economic activity. Crypto firms, meanwhile, are pushing to preserve new ways for users to earn rewards and engage with digital assets.
How lawmakers resolve that tension could shape the future of both industries in the United States.
This article has been published on thestreet.com via Yahoo News.
Major U.S. banks push back on new CLARITY Act proposal
Major U.S. banking groups are pushing back against new stablecoin rules in the CLARITY Act, warning that the latest proposal does not go far enough to protect bank deposits. In a joint statement on Monday, May 4, industry bodies including the American Bankers Association and Bank Policy ...
finance.yahoo.com
