Bessent Presses Congress On Crypto Rules As Senate Clock Ticks Down
A dispute over stablecoin rewards — not sweeping disagreements about crypto itself — is what’s holding up one of the most significant digital asset bills in US history.
Senator Cynthia Lummis joined Bessent’s call, saying the conditions for passing the CLARITY Act are as good as they’ve ever been.
“We have the administration, the momentum, and we’ve made bipartisan progress,” she said. A Senate markup of the bill is expected sometime in April, though similar deadlines have slipped before.
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White House Study Adds Fuel To Banking Debate
A White House analysis recently found that the risk of deposit flight from allowing stablecoin rewards is, by its own description, “quantitatively small.”
Under the GENIUS Act framework, stablecoin issuers are barred from paying yields directly. The CLARITY Act, however, would open the door for third-party distributors to do it instead.
Some banking members pushed back on the White House findings, arguing the analysis overlooked key funding risks beyond deposit levels.
Featured image from Getty Images, chart from TradingView
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