crypto
4 briefs
The Senate Is About to Draw the Map of Crypto. The Industry Does Not Know If It Will Like It.
The 309-page CLARITY Act goes to Senate Banking Committee markup on May 14 -- it splits crypto between the SEC and CFTC, bans stablecoin yield, and Polymarket gives it 58% odds of becoming law this year.
The Stablecoin Bill Is Four Days From a Vote. Banks Just Tried to Kill It.
The CLARITY Act cleared the House with 294 votes. Banks rejected the Senate compromise the weekend before the markup. The argument is about yield. The war is about deposits.
Coinbase Flipped on Crypto Regulation. That Should Make You Nervous.
Coinbase reversed its opposition to the CLARITY Act after senators struck a deal on stablecoin yields. The crypto industry now wants this bill to pass. When an industry stops fighting regulation, the regulation usually favors them.
Banks Spent Two Years Lobbying to Ban Stablecoin Yield. The White House Just Proved Their Numbers Don't Add Up.
The CLARITY Act was almost derailed by bank lobbying to prohibit stablecoin yield. A new White House analysis finds the ban would boost bank lending by 0.02% while costing consumers $800 million. The banks are protecting something other than what they claimed.