Blockchain Association Coinbase says a group of its members, including the Solana Institute and others, is holding an information session on Capitol Hill today to help educate employees and members about the CLARITY Act.
Crypto market infrastructure legislation remains unclear as legacy banks fear losing revenue due to competition. More specifically, incumbent banks are concerned that stablecoin holders earning returns could force them to pay higher rates to depositors.
via X, Association shared:
The discussion guided Hill staff through the market structure debate and the need for enforceable rules for developers, balanced regulatory authority, and clear protections for unregulated software developers.
Meanwhile, crypto reporter Eleanor was very scared reported o Senator Thom Tillis He says they are ready to move the bill to Markup.
“I’m going to ask the president to move forward with planning a price increase when we get back… I think we’ve made a lot of progress… and it’s time to bring this before the committee.”
It looks like banks’ concerns about yield have been allayed.
The digital asset industry worries that if the legislation is pushed back even further, it will lose momentum or, worse, fall by the wayside as elected officials prepare for the midterms.
While the White House has championed the crypto industry, including in the stablecoin yield debate, legacy banks have waded into the issue, refusing to accept a future involving crypto in which they may choose to compete.
