"U.S. banking and crypto industries to conduct closed-door review of draft 'Clarity Act'"

Some officials in the U.S. banking and cryptocurrency industries are set to begin a closed-door review of provisions in the draft “Crypto Market Structure Act (Clarity Act)” related to stablecoin yields.

Politico, a U.S. political news outlet, reported on the 2nd (local time), citing anonymous sources, that representatives of U.S. crypto firms and Wall Street financial companies are expected to review a draft amendment to the Clarity Act as early as that day. Politico said, “The amendment is intended to resolve a lobbying war between the two sides over stablecoin yields,” adding that “the timing (of the review) could change.”

The review is likely to be conducted privately. Eleanor Terrett, host of Crypto in America, wrote on X that “(the review) appears to be structured to show the bill language on stablecoin yield only to the parties involved rather than making it widely public,” adding that “last week, visitors to Congress could review the bill only on site and were not allowed to take copies.”