U.S. Senator pushes the Clarity Act into the review process, which may clarify stablecoin yield provisions

Crypto journalist Eleanor Terrett posted on the X platform that U.S. Senator Thom Tillis plans to push the Clarity Act into the Senate Banking Committee's markup stage as soon as possible, stating that there has been "a significant consensus" on the legislative progress, and it should now enter the formal advancement process.

Thom Tillis stated in Congress that he will request the committee chair to schedule a hearing after the congressional recess and expects to release the legislative text regarding stablecoin yield provisions 4 to 5 days before the hearing for the industry and stakeholders to review in advance. Most concerns from the banking sector regarding the risks associated with stablecoin yield have been addressed in discussions, and institutions with remaining opinions are encouraged to "participate in good faith to improve the legislation."

Additionally, Thom Tillis mentioned that he generally supports the legislative framework proposed by Senator Cynthia Lummis regarding issues such as the potential impact of applying 1960 criminal provisions to software developers and law enforcement. This statement indicates that U.S. crypto regulatory legislation is accelerating into a substantive advancement phase concerning the definition of stablecoins and developer responsibilities.

This content is provided for general informational purposes only and doesn't constitute financial, investment, legal, or tax advice. Any events, rewards, online promotions, or related information mentioned herein should not be considered a recommendation, solicitation, or invitation to purchase, sell, trade, or otherwise deal in any crypto assets. Crypto assets are highly volatile and may result in loss. The availability of WEEX services, products, and related events may vary by region. You are responsible for ensuring that your participation is in accordance with applicable local laws and regulations.