Overview
- Top officials, who escalated their push Thursday, urged the Senate Banking Committee to take up the bill this month and move it to President Trump.
- The CLARITY Act would set clear lines between the SEC and CFTC, define when tokens are securities, and create registration and custody rules for trading platforms.
- The White House Council of Economic Advisers found that banning stablecoin yield would lift total bank lending by about $2.1 billion, or 0.02%, while costing users roughly $800 million a year.
- Talks remain stuck on whether stablecoin issuers or distributors may pay interest or rewards on dollar‑pegged tokens, a practice banks argue could drain deposits and crypto firms say users expect.
- SEC Chair Paul Atkins said a joint “Project Crypto” plan puts the SEC and CFTC in position to implement the law quickly, as sponsors warn the window for Senate action before the midterms is tightening after earlier delays.