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Senate Banking Committee's CLARITY Act: Crypto Oversight & Housing Provisions
Description
The Senate Banking Committees latest draft of the Digital Asset Market Clarity Act (CLARITY) has sparked discussion ahead of Thursdays markup session. This bill aims to shift oversight of digital assets from the SEC to the CFTC, setting clear rules for crypto market structure. The new version bans interest on payment stablecoins, except for legitimate rewards tied to real transactions. It also includes protections for blockchain developers from money transmitter rules. However, odd housing provisions under the Build Now Act have raised eyebrows and sparked debate among senators. Democrats like Kirsten Gillibrand and Elizabeth Warren are pushing back against the lack of guardrails, citing President Trumps family crypto ventures. The bill needs sixty votes on the Senate floor and House reconciliation to become law, with eyes on whether Thursdays markup can bridge the ethics gap for real progress.
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