Hawley Backs Away From Crypto Bill, Draws Criticism

Ryan's crypto bill faces fresh hurdles as Missouri Senator Josh Hawley plans to vote 'No' on the Clarity Act. He cited concerns from community banks and agricultural groups in his state over stablecoin yield programs offered by crypto exchanges.

Hawley stated, 'They are very, very worried about the effect on community banks. They are blowing me up over it.'

The objection centers on stablecoin yield programs that could pull deposits away from banks and credit unions, according to Senator Hawley and community banking advocates.

Coinbase CEO Brian Armstrong pushed back against Hawley's stance, saying 'You have to evaluate the proposal on the merits, and see if there is any evidence for such a claim.'

The move adds challenges for the Republican Party as they push for a vote on the landmark crypto market structure bill before the Senate's August recess.