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A critical week has begun for the CLARITY Act, which is expected to shape regulations on regulation of the cryptocurrency market in the US. Depending on political and industry developments in Washington, whether the bill will be brought before committees in April or delayed to May will clear this week.
The Senate Banking Committee’s hearings with Kevin Warsh earlier this week will be the first key item on the agenda, a statement that is expected to include his remarks. In the wake of these discussions, the committee must decide by Friday whether to initiate the formal notification process required for the bill to be voted on in the week of April 27.
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The biggest pressure on the bill’s progress is from banking sector, though it has been pushed by . The North Carolina Bankers Association, particularly groups that are lobbying hard against the stablecoin yield cap in the bill is a strong opposition to group pressure from groups of supporters. Reps from industry are contacting committee members (especially Thom Tillis) to request amendments to the rule.
A compromise between cryptocurrency companies and banks was reached last month after over two months of negotiations, meanwhile, which is mostly welcomed by the crypto industry. Yet, in the wake of a report by the White House Council of Economic Advisors that showed stablecoin yields were considered less dangerous to the banking system, calls for revisions from the banks have also been growing faster again.
In a statement, White House Crypto Council Executive Director Patrick Witt (left) attacked banks on social media for “lobbying more out of greed or ignorance” in the name of their bank. On the other hand, meanwhile, Senator Tillis suggested holding a “crypto session” in person to bring the parties together but said that it would take some time for the process to be completed. Tillis said there are still problems to be resolved, but he is optimistic that progress can be made in the coming weeks, “I think it’s going forward,” Tilli said.
*This is not investment advice.
Thanks for reading Pay Close Attention This Week: We’re in a Critical Period for Cryptocurrencies—Here’s Why
