Why banks and offshore hubs like Dubai are winners of the Senate killing the Clarity Act
One expert believes that the failure to pass the bill is a win for the banks that staunchly oppose stablecoin yields, while a global crypto lawyer believes overseas jurisdictions benefit.
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Summary
- The Senate’s failure to advance the Clarity Act leaves U.S. crypto policy largely in the hands of the Securities and Exchange Commission and the Commodity Futures Trading Commission.
- Banks gained ground in a dispute over whether stablecoin platforms should be allowed to offer rewards that could compete with bank deposits.
- The legislative stalemate could benefit regulated crypto hubs such as the United Arab Emirates, which are using clearer rules to attract businesses, talent and capital.
