U.S. Senator: "CLARITY Act" Expected to Pass by April

BlockBeats News, February 19th, According to U.S. Senator Bernie Moreno, a supporter of cryptocurrency, the highly anticipated CLARITY Act, aimed at providing a clearer regulatory framework for the U.S. crypto industry, is expected to pass before April.

Coinbase CEO Brian Armstrong, along with Moreno, participated in an interview where he explained that they are joining representatives from the crypto industry, banking industry, and the U.S. Congress at the World Free Finance (WLF) Crypto Forum to work on solutions to market structure issues.

“One major issue that has arisen in the past is around the concept of interest-bearing stablecoins,” Armstrong stated. The banking industry was previously concerned that offering interest on stablecoins could undermine traditional banking, leading to a flow of deposits and interest away from banks. Although Armstrong had reservations about the draft and withdrew support for the CLARITY Act in January, he now says, “There is a path forward, we can get to a win-win-win here. It's a win for the crypto industry, it's a win for the banks, it's a win for U.S. consumers, to be able to get Trump's crypto agenda across the finish line and make the U.S. the crypto capital of the world,” Armstrong said.