Letitia James is warning that the CLARITY Act could go too far in shielding crypto firms from state fraud enforcement, giving Washington more power at the expense of local prosecutors. Supporters call it overdue market clarity; critics say it could hand scammers a federal loophole.
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The CLARITY Act is stuck in Washington limbo, with John Thune ruling out a Senate vote before the August recess as ethics disputes, enforcement fights, and stablecoin reward backlash from banks grind momentum to a halt. The bill isn’t dead — just badly jammed.
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Goldman Sachs is backing the CLARITY Act, but the crypto market structure bill is running into resistance from banks worried about deposit flight and Senate Democrats demanding tougher ethics and consumer protections. The real fight is over who gets to write the rules for digital money.
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White House crypto lead Patrick Witt is staying on the CLARITY Act talks for now, but Senate negotiations are still bogged down over ethics, stablecoin rewards, developer liability and enforcement powers. The clock is ticking, and “almost done” is doing a lot of heavy lifting.
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JPMorgan is reportedly warning that stablecoin reward programs could start looking a lot like shadow banking: bank-like activity without bank-level safeguards. The real issue isn’t the label, but whether these products are quietly mimicking deposits, yield, and liquidity risk.
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Coinbase CEO Brian Armstrong says major U.S. banks are lobbying to weaken Trump’s crypto agenda, with stablecoin rewards, tokenized assets, DeFi, and SEC vs. CFTC oversight at the center of the fight. Coinbase may back away if lawmakers deliver a bad bill.
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The CLARITY Act New Update: Senate Floor Vote Looms for Landmark Crypto Bill is inching toward a full Senate vote, and the fight over U.S. crypto market structure is finally getting serious. Senator Cynthia Lummis is pushing hard to keep lawmakers from stalling now that the bill has cleared committee and already made it through […]
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JPMorgan says the CLARITY Act, a major U.S. crypto market structure bill, may be running out of time as Congress gets buried under competing priorities and the 2026 midterm clock starts ticking louder. Passage odds are fading Stablecoin rewards remain the biggest fight Senate timing may slip into August Developer protections are gaining support In […]
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The White House’s top crypto advisor has thrown down against bank lobbyists as the fight over stablecoin rewards in the CLARITY Act heats up. Banks say reward programs could pull deposits out of the traditional system and threaten financial stability. The White House camp says the banks had a chance to show up, help shape […]
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The CLARITY Act is heading toward a Senate Banking Committee markup on May 14, and Galaxy Digital says a small group of Democratic senators may decide whether U.S. crypto market-structure rules finally get moving or get buried under the usual Washington sludge. Seven Democrats may hold the key Markup vote set for May 14 Stablecoin […]
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