The (Crypto) Clarity Act is heading for an initial vote with the Senate Banking Committee on May 14, giving the crypto industry another chance at regulatory clarity.
The bill would ban customer rewards on idle stablecoin holdings. Banks argue this could pull deposits away from the regulated banking system, while crypto firms say this is anti-competitive.
But from a market perspective, the upside from any “Clarity” may already be largely priced in, and what’s left is potentially downside risk.
The bill still faces several hurdles before becoming law. It must first pass the Senate Banking Committee, then be reconciled with the Senate Agriculture Committee’s version, before moving to a full Senate vote. It would also need support from at least seven Democrats to clear procedural hurdles. In that sense, this may be less of a clear bullish catalyst.
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