US Senate does not advance the Clarity Act, stablecoin platform reward policies still led by SEC and CFTC

Odaily reports that the U.S. Senate has not advanced the Clarity Act, and U.S. crypto policy remains primarily led by the U.S. Securities and Exchange Commission (SEC) and the U.S. Commodity Futures Trading Commission (CFTC). After the bill's advancement stalled, whether stablecoin platforms can offer rewards that may compete with bank deposits still lacks a clear legislative arrangement.

Banks have made progress in the dispute over whether stablecoin platform rewards will compete with deposit business. Regulated crypto hubs such as the UAE are using clearer rules to attract businesses, talent, and capital, and may benefit from the U.S. legislative deadlock. (CoinDesk)