Today the CLARITY Act focuses on four key areas, and even if it passes, it still needs to go for a vote in the full Senate.
First, stablecoin yields.
This is the biggest controversy. The current compromise direction still prohibits interest on idle stablecoin balances, meaning stablecoins cannot earn interest while inactive, but allows for trading rewards, usage rewards, and event rewards.
The banking sector is dissatisfied, worried this may indirectly siphon off bank deposits.
Second, AML/KYC/anti-money laundering.
The Democrats, especially Warren's camp, believe the current version does not impose strong enough constraints on anti-money laundering, sanctions evasion, and illegal financing, calling for more digital asset platforms to be included under the Bank Secrecy Act and other compliance obligations.
Third, Trump family/political ethics clauses.
The Democrats want to introduce stronger ethical standards to limit the profits that the president, government officials, and their families can make from crypto projects. This is the most obvious part of the current partisan conflict.
Fourth, regulatory boundaries between the SEC and CFTC.
This means determining which tokens are considered securities and which are commodities. It is about whether exchanges, brokers, and DeFi platforms fall under SEC or CFTC oversight. The core of the CLARITY Act is to place most digital commodity trading under the CFTC framework, while maintaining SEC oversight over security-type tokens and tokenized securities.
Additionally, there are now over 100 amendments, with Warren submitting more than 40 on her own, so today's focus is on which amendments will be accepted and which will be rejected.
Even if it passes today, it only means the CLARITY Act has cleared the Senate Banking Committee; the bill then formally goes to the full Senate.
Furthermore, the full Senate usually requires 60 votes, and with insufficient Republican votes, Democratic support is also needed. So even if it passes today, it does not mean the bill officially becomes law; the road ahead is still long.
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