Crypto industry cheers Senate Clarity Act markup date as market structure push resumes

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Crypto industry cheers Senate Clarity Act markup date as market structure push resumes The bill's progress follows talks on jurisdiction, consumer/developer protections, and stablecoin rewards, with crypto firms backing a yield compromise. What to know: - The Senate Banking Committee will meet on May 14 to consider the Digital Asset Market Clarity Act of 2025, a crypto market structure bill. - The bill's progress follows talks on jurisdiction, consumer/developer protections and stablecoin rewards, with crypto firms backing a yield compromise. - Crypto industry leaders cheered the markup, viewing it as a major step toward clarity, establishing clear rules, and giving certainty to U.S. builders. The Senate Banking Committee will meet on Thursday, May 14, to consider the Digital Asset Market Clarity Act of 2025, putting the crypto market structure bill back on the calendar after a January postponement. The notice follows months of talks over regulatory jurisdiction, consumer protections, developer protections and stablecoin rewards. CoinDesk reported last week that crypto firms had backed a stablecoin yield compromise meant to unlock the bill. Cody Carbone, CEO of The Digital Chamber, said the notice marks “a major step” toward clarity for more than 70 million Americans who use cryptocurrencies.. Blockchain Association CEO Summer Mersinger called the markup notice “an important step toward establishing clear rules for digital asset markets.” “This work reflects months of serious engagement on difficult questions, from SEC-CFTC jurisdiction to consumer protection and developer protections,” Mersinger said. “Clear statutes are what American consumers, businesses, and innovators deserve.” Kristin Smith, president of the Solana Policy Institute, called the markup “a make or break moment for American leadership in financial markets.” Miller Whitehouse-Levine, the group’s CEO, said the date is “the first step” toward giving builders and financial institutions certainty to build onchain in the U.S. Ji Hun Kim, CEO of the Crypto Council for Innovation, said “the momentum is real, and the time is now.” The markup, he said, brings the U.S. closer to a framework that safeguards consumers, gives investors clear disclosures, protects developers and supports responsible innovation. The markup gives Senate Banking another shot at moving the bill before the White House’s July 4 target for Clarity Act passage. Though the crypto industry is cheering the hearing date, the banking industry said it still has concerns. A joint letter addressed to Senate Banking Committee leaders Tim Scott and Elizabeth Warren from a coalition of banking trade associations said that they still had some concerns with the bill, proposing edits to the text of the legislation. More For You Judge Margaret Garnett allowed frozen exploit funds on Arbitrum to move to Aave, but the legal freeze follows the assets as terrorism plaintiffs continue their claim. What to know: - A Manhattan federal judge has allowed Aave to proceed with its recovery plan for $71 million in ether tied to a North Korea-linked exploit, permitting the funds to be moved off Arbitrum while for the moment preserving terrorism victims’ legal claims. - Judge Margaret Garnett’s order modifies a prior freeze so...

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