CLARITY ActThe new regulation, crypto market infrastructure legislation, is expected to advance this month in the U.S. Senate with a floor vote set for May.
According to many reports, an agreement is being made on the stablecoin yield, which is the biggest obstacle to the approval of the legislation. has been reported o Senator Thom TillisA North Carolina Republican predicts the bill will be introduced this week. Senator Tim ScottChairman of the Board Senate Banking CommitteeIt turned out that Tillis confirmed his statements during an interview with Fox News.
If the legislation faces further delays, momentum could be lost and important improvements for the entire U.S. financial sector could be undermined.
The incumbent banking industry has fought back against the bill, particularly the stablecoin yield, while offering limited evidence that it would harm traditional banks’ ability to lend. In fact, the real problem for banks is a possible decline in revenues as they may have to compete by offering higher returns to depositors. Today, many large banks offer little or no return to depositors.
At the same time, depositors have long had options beyond low-yield bank accounts; Therefore, the banking sector’s argument loses all credibility.
A research report written by Council of Economic Advisers, Some in the Trump White House have found little convincing evidence that the stablecoin yield will impact banks.
While agreement on yields is expected to be imminent, details remain unclear. The bill seems more likely to be approved as prominent participants in the crypto industry did not criticize the draft bill.
