The Clarity Act advancement in the Senate is going through a final negotiation phase as its much anticipated final draft bill release this week heads over to next week.
Over the last few days, both Republican and Democrat Senators have reignited the Clarity Act negotiations as the upcoming deadline on August 7th looms.
Despite more effort from the banking group to draw attention back to stablecoin yield, the final bits to get an agreement on are the ethics provisions – specifically as they pertain to the President’s Office and those individuals close to the top.
In order to resolve this, the White House had scheduled a private meeting for some of the leading negotiators with President Trump on Thursday.
Although no word has come out as to the results of that meeting, there was an expectation that the latest draft of the Clarity Act would already be released, including all the latest amendments to close out the final objections to get this regulation over the line by summer.
Genius Act Celebrates 1 Year Anniversary
As everyone looks to the fate of the Clarity Act, this month marks 1 Year since the Genius Act was passed in the Senate, the House, and then signed into law. The response has seen a huge momentum for stablecoins, and in particular, the adoption of dollar-backed stablecoin activity.
Additionally, over the last few months, the industry has witnessed final rulemaking and guidance recommendations from each of the important regulatory bodies such as the OCC (Office of the Comptroller of the Currency), the FDIC (Federal Deposit Insurance Corporation), as well as the U.S. Treasury Department.
Also, more is expected from the Federal Reserve in the coming days.
With respect to Clarity Act, there is a hope that it follows in the footsteps of the Genius Act, both in the final outcome in the Senate and the broader industry impact it could subsequently open up.
