There continues to be tension at the National Diet Building regarding virtual currencies. The Clarity Act, a legislative project that aims to provide a clear regulatory framework for payment stablecoins, has entered its most important phase.
Negotiations have “reached a feverish stage” and a deal could be reached, sources with direct knowledge of analyst Paul Barron said. It will happen as early as next week.
“My sources in D.C. are sounding the alarm. Banks may be on the verge of winning the war over stablecoin performance. Talks on the Transparency Act are in full swing. “We are ‘closer to a solution,’ and a solution could be reached as early as next week,” Barron said.
As reported by CriptoNoticias, this potential concession caused an immediate split in the crypto community. Some people claim that Giving up on yield is “excessive achievement” In return, it will result in regulations that will finally give the industry legal certainty, albeit imperfectly.
However, some prefer to advance the law and argue that there will always be other ways to generate yield once tokens become popular.
Journalist Eleanor Terret reported this Monday that policymakers will gather in Washington, D.C., this Tuesday for an important conference on cryptocurrencies, and attendees will be watching for new clues regarding clarity.
“The Chairman of the Senate Banking Committee said: “Tim Scott, who starts speaking this Tuesday, will be asked an important question: When will your committee hold its next review?” Ms Tellet commented.
The communicator clarified that while Mr. Scott may be obligated to provide a rough estimate, he cannot add a margin to the calendar. Until all parts of the bill are resolvedincluding the main issues regarding stablecoin performance.
Additionally, he revealed that Digital Chamber CEO Cody Carbone believes negotiations between the crypto industry and banks – banning yield on inactive balances and allowing transaction-based compensation – are nearing an end.
Clarity is not just a technical issue. For the US government, this represents an opportunity to establish leadership in digital assets compared to more friendly jurisdictions.
With a clear framework, Banks and fintechs will issue regulated stablecoins and integrate them into the financial system There is no risk of uncontrolled issuance as seen in cases like TerraUSD.
However, the price of that upfront payment can be high. For many, banning static yields amounts to protecting incumbent banks rather than fostering real competition.
(Tag translation) Bitcoin (BTC)
