The U.S. Senate postponed consideration of the crypto Clarity Act to prioritize a Russia sanctions package, federal nominations, and other legislative business. The delay pushes the bill's next likely window toward September as the August recess approaches.
The Senate Banking Committee has publicly released the full text of the Clarity Act, a digital asset market structure bill that will establish a regulatory framework for cryptocurrencies. The committee is scheduled to vote on the legislation on Thursday.
Senators and the White House have reached a tentative agreement to resolve the contentious stablecoin yield restrictions in the CLARITY Act, though the compromise has drawn mixed reactions from the crypto industry. Coinbase reportedly continues to oppose the updated draft language despite the agreement.
Circle Internet Group shares fell as much as 22% in their worst day ever after draft provisions in the CLARITY Act indicated potential limits on stablecoin yield distribution. The proposed legislation may restrict rewards on stablecoin balances, though analysts at Bernstein argue the selloff is overdone as restrictions target distributors rather than issuers.
A new survey reveals 70% of American voters view cryptocurrency as benefiting insiders rather than everyday Americans, as Democratic Senator Chris Murphy criticizes the CLARITY Act as protecting President Trump's crypto business interests while the legislation advances through Congress.
