U.S. Senator: The CLARITY Act is expected to pass before April

On February 19, U.S. Senator Bernie Moreno, a supporter of cryptocurrencies, stated that the highly anticipated CLARITY Act, which aims to provide a clearer regulatory framework for the U.S. crypto industry, is expected to pass before April. CEX CEO Brian Armstrong participated in the interview alongside Moreno, explaining that they are engaging with representatives from the crypto industry, banking sector, and U.S. Congress at the World Liberty Financial (WLF) Crypto Forum to reach solutions on market structure issues. “A major issue that has arisen in the past is the idea of interest-bearing stablecoins,” Armstrong said. The banking industry previously worried that offering stablecoin yields could weaken traditional banking, leading to a loss of deposits and interest income from banks. Although Armstrong expressed objections to the draft and withdrew support for the CLARITY Act in January, he stated that there is now “a way forward, and we can achieve a three-way win here. This is a victory for the crypto industry, a victory for banks, and a victory for American consumers, enabling President Trump’s crypto agenda to move forward and making the U.S. the world’s crypto capital,” Armstrong said.