The U.S. Senate did not advance the Clarity Act, and the stablecoin platform reward policy remains dominated by the SEC and CFTC

Odaily News: The U.S. Senate did not advance the Clarity Act, and U.S. crypto policy remains primarily dominated by the U.S. Securities and Exchange Commission (SEC) and the U.S. Commodity Futures Trading Commission (CFTC). After the bill's advancement was blocked, 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 companies, talent, and capital, and may benefit from the U.S. legislative deadlock. (CoinDesk)