Crypto Regulation is gaining momentum in the United States as the Senate Banking Committee is reportedly preparing a markup session for the Digital Asset Market CLARITY Act, which seeks to create clearer regulations for digital assets and stablecoins.
According to crypto journalist Eleanor Terrett, draft text has already been circulated among a select group of industry players ahead of the policy vote later this month. Sources say the bill remains under revision, with lawmakers continuing negotiations over several unresolved provisions.
“One source told me the overall vibes after reviewing the bill and coordinating with other industry leaders are positive so far, though some bracketed sections are raising concerns that key provisions previously
thought to be settled may still be in flux,” Terrett wrote on X.
With growing political pressure on lawmakers to complete a regulatory structure for the digital asset, the latest development has emerged.
Around 52% of voters back the CLARITY Act, and 11% are opposed to thelegislation, according to a recent HarrisX national survey. The survey also shows that around 37% of voters who responded said they would be more inclined to support politicians who support the legislation.
Among cryptocurrency holders, the support increases even more. The urvey reveals that almost 72% of all crypto investors would be willing to cross party lines in their vote for a candidate based on their policy on digital asset regulation.
The White House has reportedly targeted to move forward with the most crucial crypto legislation by July 4, viewing the sector as strategically vital to maintain the United States' leadership in digital finance and blockchain innovation.
Stablecoin rewards and interest-bearing crypto products have been one of the key criteria that have been stuck in the bill.
Recently, US Senators Thom Tillis and Angela Alsobrooks introduced a compromise that takes steps to better clarify the yields of stablecoins.
The plan would ban crypto companies from providing interest on ‘stablecoin balances’ that serve a comparable function to conventional bank deposits. But the law would leave intact those rewards based on legitimate transactional activity.
The compromise was designed to address the concerns about stablecoins being used as unregulated “shadow banking” products, without stifling innovation in payment systems based on blockchain.
Major crypto companies like Coinbase and Circle have publicly voiced their support for the legislation, saying that clarity in the regulation is critical to keep capital, talent, and innovation in the US.
Meanwhile, traditional banking institutions are advocating for stricter regulations on stablecoin products, primarily for concerns around financial stability.
Meanwhile, the Crypto Council for Innovation (CCI) cautioned that parts of the proposed language could bring with it a regulatory burden beyond the issuers of stablecoins to other digital asset market participants.