Trump backs CLARITY Act as banks lobby against stablecoin rules
- —The final CLARITY Act text in the Senate is 635 pages, incorporating 126 Democratic amendments
- —The ICBA estimates bank deposit losses from yield-bearing stablecoins at more than $1 trillion
- —The procedural vote (cloture) is set for September 15, with 60 votes needed
- —The Trump family's crypto assets are valued at $1.4–2.3 billion, sparking ethics disputes
Why it matters: The outcome of the vote will determine who regulates the spot crypto market — the SEC or the CFTC — and the fate of yield-bearing stablecoins.
Source: Crypto Briefing