US Crypto Market Structure Bill Faces Senate Hurdles Amid Stablecoin and DeFi Debates
The CLARITY Act, a pivotal crypto market structure bill, is advancing through Senate committees but encountering significant roadblocks. Banking and Agriculture committees are handling securities and commodities aspects respectively, with markup hearings pending. Three contentious issues dominate: stablecoin yield restrictions, conflicts of interest, and DeFi regulation.
Banks successfully lobbied to ban interest payments on stablecoins in the GENIUS Act, yet loopholes persist for non-yield rewards. The Senate’s division reflects broader industry tensions as regulators grapple with balancing innovation and oversight.