The Clarity Act reaches a key milestone with a compromise on “rewards”. Banks caught off guard with the rapid advancement of crypto have been fighting tooth and nail to ward off competitors who’ve been eating away at banks business.
No longer are consumers willing to put up with negligeable interest payments on their funds in accounts. Online banking and crypto related products have slowly drawn away customers from banks with the ease of electronic transfers to greener pastures like coinbase.
The newly worded legislation is a compromise to banks that recognizes the balance thats needed with these emerging technologies and traditional banking as they emerge into a new finance era.
Its critical that the markup passes out of the Senate Banking Committee and head to the Senate to pass in order to get it on the Presidents desk by July 4th.
Failure to do so could be catastrophic with there not being adequate legislative days remaining and could be postponed until after the 2030 elections.