US Senate advances new crypto law yet CLARITY gridlock might kill the bill for good
The Senate Agriculture Committee advanced the CLARITY Act, but gridlock in the Banking Committee over stablecoin rewards threatens the bill's passage.Summary
The Senate Agriculture Committee voted 12-11 along party lines to advance the crypto market-structure bill, known as the “CLARITY Act,” granting the CFTC authority over spot crypto markets. Despite this procedural win, the bill faces significant hurdles, primarily due to an unresolved dispute in the Senate Banking Committee regarding whether crypto firms can offer interest or rewards on stablecoins, a conflict that has already caused gridlock and prompted White House intervention. Industry leaders like Ripple CEO Brad Garlinghouse and Coinbase CEO Brian Armstrong welcomed the advancement as a step toward clarity, though they acknowledged the need for bipartisan support. The White House is hosting a summit to address the stablecoin impasse, as the bill requires at least 60 votes in the full Senate to overcome procedural hurdles, meaning at least seven Democrats must ultimately support it. If the Senate version passes, it must still be reconciled with the House version, setting up further negotiations.
(Source：CryptoSlate)