US Senate · Donald Trump · Decrypt
Crypto firms, meanwhile, claim such programs were legalized in last year’s stablecoin-focused GENIUS Act
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Earlier this month, two senators on the Banking Committee—Thom Tillis (R-NC) and Angela Alsobrooks (D-MD)—unveiled a supposed compromise on the issue, which restricts stablecoin rewards in some circumstances, but permits it in others.
Key facts
- If all 11 Democrats on the Banking Committee vote against the Clarity Act on Thursday, the bill could still pass—narrowly—on party lines
- Earlier this month, two senators on the Banking Committee—Thom Tillis (R-NC) and Angela Alsobrooks (D-MD)—unveiled a supposed compromise on the issue, which restricts stablecoin rewards in some
- The bill, dubbed the Clarity Act, would formally legalize most crypto activity in the United States
- Corey Frayer, a consumer advocate who previously worked as a staffer on the Senate Banking Committee, told Decrypt that Republican efforts to block ethics language from Thursday’s markup are intended
Summary
The Senate Banking Committee is set to vote Thursday on the Clarity Act, a major crypto bill. Key fights remain over stablecoin rewards, President Trump’s crypto ventures, and protections for DeFi software developers. Crypto leaders are increasingly optimistic the bill can pass, though a partisan committee vote could complicate matters. After months of dramatic back-and-forth, crypto’s long-desired market structure bill is set for a do-or-die vote on the Senate Banking Committee this Thursday. Several battles regarding key language in the legislation remain unresolved—but crypto policy leaders are increasingly confident they may be able to get the bill passed at the buzzer, before Congress grinds to a halt this summer in anticipation of November’s midterm elections.