U.S. Government Pushes CLARITY Act to Reshape Cryptocurrency Oversight

The White House, along with the Treasury, SEC, and CFTC, is intensifying efforts to advance the CLARITY Act in the Senate, aiming to transform the regulatory framework of the $2.4 trillion cryptocurrency market. According to NS3.AI, the White House Council of Economic Advisers has indicated that prohibiting stablecoin yields would only marginally increase U.S. bank lending by $2.1 billion within a $12 trillion market. Additionally, a proposal from FinCEN and OFAC dated April 8 suggests categorizing U.S. stablecoin issuers as financial institutions under the Bank Secrecy Act. SEC Chair Paul Atkins and CFTC Chair Mike Selig have expressed readiness to enforce the bill, contingent upon congressional action.