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Cryptocurrency Law Clarity Act Faces Another Delay: Senator Announces

Republican Senator Thom Tillis, a key figure in the Clarity Act, said he doesn't expect a committee vote on the bill this month. Cody Carbone a lobbying group for digital assets and cryptocurrencies, sent a letter yesterday to the Senate Banking Committee urging expedited action.

The Clarity Act, expected to bring a broad regulatory framework to the cryptocurrency world and awaited for months, appears to be delayed again. Senator Tillis, a critical figure in the bill's progress, spoke to US media, stating he doesn't expect a vote in the Banking Committee this month.

As is known, before a general Senate vote, the bill needs to be read article by article in the Senate Banking Committee, and necessary changes made. However, the process is stalled over whether or not to offer interest/rewards on stablecoins… The banking sector strongly opposes this, arguing that interest would lead to a rapid decline in bank deposits.

A letter was sent yesterday.

Meanwhile, Cody Carbone, known for his lobbying efforts regarding cryptocurrencies and digital assets, sent an official letter to the Banking Committee yesterday, stating that the legislative process should be expedited.

Crypto companies argue that the lack of interest on stablecoins will stifle innovation, and that delays in the bill could lead to its complete abandonment due to the elections. In this sense, May is seen as a critical period.