Overview
- The Senate Banking Committee postponed Thursday’s CLARITY market-structure markup with no new date, as Chair Tim Scott said negotiations would continue.
- Coinbase withdrew public support hours earlier, with CEO Brian Armstrong calling the draft “materially worse than the current status quo” and citing potential bans on tokenized equities, stricter DeFi provisions, and curbs on stablecoin rewards.
- Stablecoin yield rules remain the flash point, with bank groups pressing for tighter limits to prevent deposit flight and negotiators bracing for amendments that could further restrict rewards beyond the current draft’s activity-based carve‑outs.
- Democrats are still seeking ethics language to bar senior officials from profiting from crypto, a sticking point that has drawn resistance from the White House and Republicans who argue it belongs outside Banking.
- The draft would split oversight between the SEC and CFTC and define asset categories, but the industry is divided, as firms including a16z, Circle, Kraken, Ripple, Coin Center and The Digital Chamber urged proceeding while Coinbase led opposition; Agriculture’s related markup was also pushed later this month.