U.S. Clarity Act has its mark up date in the Senate.
On Friday, the Senate Banking Commission had published its mark up date for the Clarity Act. Republican and Democrat Senators will meet next Thursday to review the draft bill for regulating crypto assets.
Eleanor Terrett had provided the latest update, thus bringing months of negotiations to a close since the January impasse.
Recently, it was revealed that the stablecoin yield issue may be resolved with neither sides completely happy – but possibly enough to get it across. Since then, the banking groups have again indicated their wish to reword certain bits of the draft even further to completely prohibit any kind of yields or rewards.
Speaking at the Milken Institute last week, Chairman Tim Scott had expressed his desire to pass the Clarity Act.
On stablecoins, he had also pointed out that they should be treated differently than regular savings due to their “Dollar-for-Dollar” reserve, which requires stablecoin issuers to hold U.S. Treasuries and cash deposits as reserve assets in contrast to the fractional banking system.
