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White House Advisor: Multiple differences in the "Clarity Act" are gradually being resolved, and the compromise plan for stablecoin yields is expected to be maintained

Patrick Witte, the Executive Director of the White House Digital Assets Presidential Advisory Committee, stated on Monday that substantive progress is being made in Senate negotiations surrounding the Clarity Act, with a compromise reached on the issue of stablecoin yields expected to hold, and the focus of negotiations has shifted to other unresolved topics.The issue of stablecoin yields was previously the biggest obstacle to advancing the bill. Banking lobbyists successfully persuaded some senators that providing yields similar to bank interest to stablecoin holders would threaten the traditional banking deposit base, causing the bill to reach an impasse. Witte stated, "We hope that the compromise reached will be durable and stable. Resolving this issue is a prerequisite for advancing other pending matters." Last week, the White House economic advisors released a report downplaying the risk concerns raised by the banking industry; in response, the American Bankers Association rebutted on Monday, claiming the White House's arguments were flawed.In addition to stablecoin yields, the bill also faces several disagreements, including illegal financial protection mechanisms in the DeFi space and a demand from Democrats to prohibit senior government officials (specifically targeting President Trump) from profiting from the crypto industry. Witte did not disclose which topics have reached consensus but indicated that negotiations have "made considerable progress behind the scenes," stating, "We are very close to comprehensively resolving these issues." The Clarity Act still needs to go through the Senate Banking Committee's markup review process before being submitted for a full Senate vote. Witte expressed optimism about reaching a final agreement, noting that many issues that previously seemed stuck have gradually been resolved.

U.S. Senator: The new draft of the "Digital Asset Market Structure Bill" will be submitted this week, but key differences remain to be resolved

According to DL News, Tim Scott, the chairman of the U.S. Senate Banking Committee, stated at the Washington Blockchain Summit that the "Digital Asset Market Structure Act" (CLARITY Act) has made significant progress, and the first new draft will be submitted for review this week.The bill aims to establish a regulatory framework for the U.S. cryptocurrency market and was passed with bipartisan support in the House of Representatives last July, but has since stalled in the Senate. The main points of contention include: the issue of stablecoin yield authority (with the banking industry pressuring to prohibit cryptocurrency exchanges from paying users interest on stablecoins), ethical provisions regarding officials holding or founding cryptocurrency businesses, anti-money laundering mechanisms for decentralized finance (DeFi) protocols, and the bipartisan representation issue in financial regulatory agencies. Currently, Trump has publicly sided with the cryptocurrency industry, supporting the allowance of stablecoin yields. Congressman Dusty Johnson warned that the time window is narrowing. If the midterm elections in November result in the Democratic Party regaining control of Congress, the bill is likely to be shelved. He called for 3 to 4 Democratic senators on the relevant Senate committee to break the internal party resistance, while also urging the cryptocurrency industry not to raise demands arbitrarily during negotiations to avoid further delaying the overall process.
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