According to reporter Eleanor Terrett, industry insiders and lawmakers are actively seeking solutions after the U.S. Senate Banking Committee (Banking GOP) withdrew its consideration of the Clarity Act nearly 24 hours ago. The main point of contention has focused on stablecoin yield issues. If banks, Coinbase, and Democrats can reach an agreement in the coming days, the bill could be "resurrected." There is also controversy over Section 505 regarding tokenized securities, but Coinbase CEO Brian Armstrong expressed hope that this provision would be significantly revised or completely removed.
U.S. Crypto Bill Withdrawn from Review, Industry and Lawmakers Seek Consensus
TechFlowShare
Summary
The U.S. cryptocurrency bill review was stalled by the Republican members of the Senate Banking Committee, prompting industry participants and lawmakers to seek common ground. Rules on stablecoin yields and CFT compliance remain major points of contention. Coinbase and banks are in discussions, with liquidity and cryptocurrency markets as the central issues. Section 505's tokenized securities regulations are facing criticism, and CEO Brian Armstrong is calling for significant changes or their removal.
Source:Show original
Disclaimer: The information on this page may have been obtained from third parties and does not necessarily reflect the views or opinions of KuCoin. This content is provided for general informational purposes only, without any representation or warranty of any kind, nor shall it be construed as financial or investment advice. KuCoin shall not be liable for any errors or omissions, or for any outcomes resulting from the use of this information.
Investments in digital assets can be risky. Please carefully evaluate the risks of a product and your risk tolerance based on your own financial circumstances. For more information, please refer to our Terms of Use and Risk Disclosure.