Crypto Clarity Act Stalls Ahead of Recess
The long-awaited Crypto Clarity Act may be further delayed as lawmakers prioritize other bills before their five-week break. Despite optimism from top crypto companies like Coinbase and backing from financial institutions, Democrats are questioning the bill's electoral invincibility.
Crypto critic Senator Elizabeth Warren claimed that the bill will allow criminals and cartels to move money and enrich President Donald Trump, despite a proposed law banning government promotion of crypto. Pro-crypto Republicans have blasted Democrats for holding back the bill after members said it falls short.
The Clarity Act aims to set digital asset regulation in stone, with a new bill draft addressing ethics concerns. The language would ban government officials and their families from issuing or promoting crypto. However, the banking lobby has raised concerns over stablecoin yield, claiming they could lose their deposit base if crypto exchanges pay attractive rewards.