Hayes and Saylor Criticize Fed Rate Hike and CLARITY Act Failure
- —The Fed raised rates by 25 bps to 3.75–4.00% on September 16 — the first hike since July 2023
- —Hayes: a rate hike gives banks and government bondholders more funds to buy assets
- —Saylor: limiting stablecoin rewards protects banks from competition, not financial stability
- —The CLARITY Act failed a procedural Senate vote on September 15: 49 for, 50 against, with 60 needed
Why it matters: The debate over who benefits from rates and regulation will shape the future structure of the stablecoin market and crypto service yields.
Source: Blockmedia