The Blockchain Association says a group of its members, including Coinbase, the Solana Institute, and others, held an informational gathering on Capitol Hill today to help educate staffers and their members on the CLARITY Act.
Crypto market infrastructure legislation remains in limbo because legacy banks fear losing revenue to competition. More specifically, incumbent banks worry that stablecoin holders who earn yield may compel them to pay higher rates to deposit holders.
Via X, the Association shared:
The discussion walked Hill staffers through the market structure debate and the need for workable rules for developers, balanced regulatory authority, and clear protections for non-custodial software developers.
Meanwhile, crypto reporter Eleanor Terret reported that Senator Thom Tillis says they are ready to move the bill to Markup.
“I’m going to ask the chair to move forward with scheduling a markup when we get back… I think we’ve made a lot of progress… and it’s time to get it before the committee to move it forward.”
Apparently, bank concerns regarding yield have been addressed.
The digital asset industry is concerned that if legislation gets pushed back even further, it will lose momentum, or even worse, fall to the wayside as elected officials gear up for the midterms.
While the White House has been supportive of the crypto industry, including the debate on stablecoin yield, legacy banks have dug in, refusing to accept a future that incorporates crypto – one where they can choose to compete.
