"On April 8, the White House Council of Economic Advisers released a report that found a full ban on passive stablecoin yield would cost consumers $800 million a year while doing almost nothing to protect bank deposits."
"U.S. Treasury Secretary Scott Bessent used his Wall Street Journal op-ed to frame the CLARITY Act as a national security issue, warning that blockchain developers and crypto companies have already started relocating to Singapore and Abu Dhabi."
"With Coinbase no longer opposing it, the CLARITY Act has no major industry holdout left for the first time in 2026, paving the way for potential Senate approval."
The CLARITY Act has faced delays in 2026, primarily due to opposition from Coinbase's CEO, Brian Armstrong. On April 9, Armstrong reversed his stance and endorsed the bill, eliminating the main barrier to a Senate vote. U.S. Treasury Secretary Scott Bessent also supported the bill, emphasizing its importance in a Wall Street Journal op-ed. The Senate Banking Committee's draft initially proposed a ban on passive stablecoin yield, which Armstrong opposed. A report indicated that such a ban would harm consumers financially. With Armstrong's support, the CLARITY Act now faces no significant industry opposition.
Read at 24/7 Wall St.
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