Market structure state of play: State of Crypto

Hopes are increasing that the Digital Asset Market Clarity Act, the crypto sector's top legislative priority, will see progress as key senators review a final proposal from bankers regarding stablecoin yield. Tensions had risen between crypto insiders and bank representatives, but new legislative language circulating this week suggests a potential compromise is emerging, possibly allowing a narrow range of stablecoin rewards. Former President Donald Trump publicly criticized banks for allegedly trying to undermine the already-passed GENIUS Act with the Clarity Act negotiations. Banks argue that crypto alternatives to customer deposits could destabilize the banking system, an argument that resonated with Senators Thom Tillis and Angela Alsobrooks. JPMorgan Chase CEO Jamie Dimon indicated openness to compromise, provided stablecoins held in one place do not yield returns resembling savings account interest. Crypto advocates, like the Blockchain Association and the Digital Chamber, are cautiously optimistic, noting that Senator Tillis has been receptive. If the Senate Banking Committee advances the bill, it will be merged with a version passed by the Agriculture Committee, but it will still require significant Democratic support to pass the full Senate before the legislative window closes later in 2026.

(Source：CoinDesk)