According to ME News, on June 6 (UTC+8), U.S. Senator Angela Alsobrooks of Maryland stated that she would not vote in favor of the Clarity Act on cryptocurrency legislation unless consensus is first reached on ethical provisions for lawmakers and measures related to illicit finance. Alsobrooks said her support within the committee is intended to encourage continued bipartisan negotiations, as disagreements remain on ethical requirements, anti-money laundering and illicit finance provisions championed by Catherine Cortez Masto, and details at the Agriculture Committee level. She also defended a compromise on stablecoin yields, noting that the nine-month negotiation resulted in language prohibiting interest payments based solely on stablecoin balances, thereby preventing products that resemble deposit accounts but lack banking regulatory protections, in order to strike a balance between industry innovation and banking and consumer safeguards. (Source: PANews)
U.S. Senator Alsobrooks: The Clarity Act Requires Ethical Terms to Be Resolved Before Final Support
KuCoinFlashShare
Summary
U.S. Senator Angela Alsobrooks said the Clarity Act will not receive her support until AML and CFT provisions are finalized. She emphasized the need to address ethical concerns and anti-illegal finance clauses, particularly those from the Agriculture Committee. Alsobrooks endorsed the stablecoin interest compromise, calling it a balanced outcome after nine months of negotiations. She stated that the provision prohibiting interest on stablecoin balances safeguards consumers while fostering innovation.
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.