Explainer-What Is in the US Senate's Landmark Crypto Bill?
The draft includes stablecoin rules and money-laundering provisions as negotiators leave a conflict-of-interest section for later.
- The Senate Banking Committee unveiled the Digital Asset Market CLARITY Act text just after midnight Tuesday, putting the manager's amendment in public view 48 hours before Thursday's scheduled markup on May 14.
- Chairman Tim Scott, Subcommittee Chair Cynthia Lummis, and Senator Thom Tillis jointly released the bill incorporating the Tillis-Alsobrooks stablecoin yield compromise, new insider trading sections, and protections for decentralized finance developers.
- In a joint letter sent Friday, the American Bankers Association, Bank Policy Institute, and Independent Community Bankers formally rejected the stablecoin yield compromise and continue pushing for tighter language ahead of the vote.
- Senate Democrats, led by Ranking Member Elizabeth Warren and Senator Kirsten Gillibrand, insist on adding ethics provisions barring senior officials from profiting off crypto before allowing the bill to advance.
- Advancing the bill requires securing 60 Senate votes and resolving the conflict-of-interest provision; the White House targets a July 4 signing, though Gillibrand predicted the process may extend into the first week of August.
19 Articles
19 Articles
Explainer-What is in the US Senate's landmark crypto bill?
May 12 : The U.S. Senate Banking Committee late on Monday unveiled the text of a long-awaited, landmark bill that would create a regulatory framework for cryptocurrencies ahead of a scheduled committee vote to advance the bill on Thursday.Dubbed the Clarity Act, the bill aims to clarify financial regulators'
Senate Banking Committee Releases CLARITY Act Bill Text Hours Before Thursday's Markup
The U.S. Senate Banking Committee unveiled the latest text of the Digital Asset Market CLARITY Act just after midnight Tuesday, putting the manager’s amendment in public view 48 hours before the committee’s scheduled markup on Thursday, May 14, at 10:30 a.m. ET. Chairman Tim Scott (R-SC), Subcommittee on Digital Assets Chair Cynthia Lummis (R-WY), and Senator Thom Tillis (R-NC) jointly released the bill text along with a section-by-section summa…
Clarity Act News: Senate Releases 309-Page Draft Before Thursday Markup Vote
Key Insights: Clarity Act news: Committee members have until Wednesday, the close of business, to file amendments. Senate Banking released a new 309-page Clarity Act draft ahead of Thursday’s markup. The draft covers stablecoin yield rules, DeFi protections, and market structure plans. The U.S. Senate Banking Committee released a 309-page draft of the CLARITY Act ahead of Thursday’s scheduled markup session. The proposal outlines a federal fram…
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