The crypto Clarity Act returns to the Senate this week. The banks are already trying to kill it.

"On Sunday, as the crypto industry was about to take victory laps for getting the Clarity Act back to the Senate, the American Bankers Association, one of the largest financial industry interest groups in the country, sent out an email that immediately ruined their Mother's Day. Apologizing to all the moms he'd messaged, Rob Nichols, the president and CEO of the ABA, begged the CEOs on the email, from Wall Street to local community banks, to drop everything and start contacting their Senators ASAP - "Please encourage your employees to do the same" - because the Clarity Act posed an existential threat to their industry."

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"Speaking of liminal spaces and endless hallways that drive their inhabitants insane: Today, we're going to Capitol Hill, where the Senate is, at long last, finally revisiting the crypto market structure bill known as the Clarity Act. And it is, indeed, driving everyone insane."

The Senate is revisiting the crypto market structure bill known as the Clarity Act. The process is creating intense pressure across the financial sector. The American Bankers Association warned that the bill poses an existential threat to the banking industry and urged bank executives and employees to contact senators immediately. The pushback reflects concerns about how stablecoins and crypto market rules could affect traditional banking roles and business models. The timing of the bill’s progress is also tied to broader political uncertainty, including the possibility that Republicans could lose Congress, which could change the bill’s prospects. Stakeholders are therefore racing to influence outcomes before legislative momentum shifts.

Read at The Verge