Crypto Bill Stalls Amid Banking Opposition

The proposed Clarity Act, a bill aimed at providing regulatory clarity for digital assets in the US, has hit a roadblock due to opposition from major banks.

Banks have expressed concerns that certain provisions of the act would lead to an unprecedented outflow of deposits and estimated losses of up to $500 billion by 2028. They argue that this would threaten economic growth and stability.

Cryptocurrency exchanges, such as Coinbase, have pushed back against these limitations, characterizing them as anti-competitive and essential for their business model.