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The Clarity Act, a bill containing comprehensive regulations for the cryptocurrency market in the US, is back in the spotlight ahead of a crucial vote in the Senate Banking Committee tomorrow.
Industry representatives agree that the final draft, which emerged after months of negotiations, is significantly improved compared to the controversial version from January.
The new 309-page draft bill, released Tuesday morning, aims to strike a balance between the crypto sector and traditional finance. While tightening rules on stablecoin yields and token issuances, the bill largely preserves fundamental protections for decentralized finance (DeFi), which has previously faced strong criticism from the sector. It also includes a federal support program aimed at encouraging local housing production, a section that has garnered the support of Senator John Kennedy, who had previously been hesitant to support the bill.
Leading figures in the crypto sector are also reacting positively to the new text. Coinbase CEO Brian Armstrong, in a video message shared from the Capitol building, described the Clarity Act as a “strong piece of legislation,” saying it would benefit the American people. Chris Dixon, managing partner at a16z crypto, stated that the bill has “significantly improved compared to January.”
The bill is receiving support not only from crypto companies but also from various other sectors. AARP, one of the largest retirement rights advocacy organizations in the US, supported the bill, stating that provisions for regulating crypto kiosks and protecting state oversight powers could protect elderly investors from fraud.
Some major banks also expressed support for the bill in private discussions. A senior executive at a large investment bank stated that current regulatory uncertainty limits the banking sector’s participation in the digital asset space, adding that the law would provide greater clarity for both the sector and financial institutions.
However, there is no complete consensus within the banking sector. Large banks, particularly those with significant retail banking operations, and group banks are concerned that the growth of the stablecoin market could harm their business models. As part of intense lobbying efforts led by the American Bankers Association, more than 8,000 letters have been sent to Senate offices since last Friday. These letters call for stricter restrictions on stablecoin applications that offer interest or rewards.
These pressures were also reflected in the proposed amendments to the bill. One amendment, introduced by Senators Jack Reed and Tina Smith, aims to further tighten the rules for crypto companies to offer stablecoin rewards. Additionally, some regulatory proposals, criticized by the DeFi Education Fund, are said to weaken the protection of decentralized finance developers and users.
Senator Elizabeth Warren, known for her anti-crypto stance, has proposed more than 40 amendments to the bill. Among Warren’s proposals is a ban on the Fed offering crypto companies certain services provided to banks. Warren has previously described the Clarity Act as risky for both national security and the financial system.
Although the Republican majority on the committee makes it unlikely that the more controversial amendments proposed by Democratic senators will pass, it is still unclear which items will be put to a vote.
*This is not investment advice.