U.S. Senate Faces Hurdle in 'Clarity Act' Vote, Focus on 'Ethics Clause' to Prevent Conflicts of Interest Among Public Officials

New Barrier After Resolving Yield Issues

Following the approval of the 'Clarity Act' by the U.S. Senate Banking Committee on the 15th, the biggest hurdle for the enactment of the bill has shifted from the previous stablecoin yield regulations to the 'ethics clause' concerning public officials.

While the banking industry had strongly opposed the yield issue, a compromise was reached by prohibiting passive income. However, the focus of debate has now moved to conflicts of interest related to cryptocurrencies involving politicians...