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According to Techub News, the legislative process of the US CLARITY Act is facing changes in key figures. Cynthia Lummis, the chair of the Senate Banking Committee's Subcommittee on Digital Assets, who has been leading the bill, announced that she will not seek re-election and will step down at the end of the year. Another key Republican negotiator, Senator Thom Tillis from North Carolina, is also leaving. Both have played crucial bridging roles in recent debates on crypto policies. Additionally, the term of Hester Peirce, a commissioner at the US Securities and Exchange Commission (SEC), will end this Friday. Peirce has been a significant figure in the field of crypto regulation since 2018. Analysts believe that the departure of these key supporters could have a notable impact on the reintroduction of the CLARITY Act or the drafting of a new version in the next Congress. (Wu Blockchain)
Techub News reports that Andrew Cuomo, a board member of OKX and former governor of New York, stated in an interview with Bloomberg that current U.S. cryptocurrency regulations rely on temporary rules from agencies like the SEC rather than legislation. He pointed out that if the Democratic Party wins control of Congress in the midterm elections, these agency rules could be overturned, as the new Congress could challenge them. Cuomo said that election-year politics led to the rejection of the CLARITY Act in the Senate with a vote of 49 to 50, failing to reach the 60 votes needed for advancement. He hopes the lame-duck Congress (post-election session) will pass the bill, otherwise he hopes it will be submitted for consideration before January 1. Cuomo believes that the Democratic Party is not inherently opposed to cryptocurrency, as he supervised the introduction of New York's BitLicense in 2015. However, he also criticized the cryptocurrency industry for failing to organize tens of millions of American users to support the bill. (BeInCrypto)
Techub News reports, according to Bitcoinist, the U.S. Senate Banking Committee is scheduled to hold a markup session on the CLARITY Act on May 14. The bill aims to clarify the classification criteria between securities and commodities for crypto tokens, and includes a compromise provision that prohibits paying rewards on idle stablecoin holdings. This provision was brokered by Senators Thom Tillis and Angela Alsobrooks, aiming to prevent stablecoin issuers from offering incentives similar to bank deposit interest. The American Bankers Association has opposed this, arguing that it could undermine the stability of the banking system, and has called on its members to contact senators to demand amendments.
Techub News, according to watcher.guru, the Trump family-backed cryptocurrency project World Liberty Financial (WLFI) has recently become embroiled in multiple controversies. The project has been exposed as having ties to the Southeast Asian blockchain project AB DAO, which involves sanctioned individuals, and has been sued by TRON founder Justin Sun, who accuses it of freezing and threatening to destroy his token holdings. U.S. Senator Thom Tillis and other policymakers are calling for the inclusion of an ethics clause in the Clarity Act to review the Trump family's crypto business. Meanwhile, a proposal to unlock 62 billion WLFI tokens has received 99.5% support and may soon be passed.
Techub News, according to Cointelegraph citing Politico, U.S. Senator Thom Tillis stated that the text related to stablecoin yields is unlikely to be released this week. He hopes to clarify the bill's markup review date before making it public. Previously, Thom Tillis planned to release a draft this week to address the stablecoin yield controversy in the "Clarity Act".
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