The Clarity Act, a landmark bill that would create a U.S. regulatory framework for the crypto industry, is set to undergo a Senate committee markup starting Thursday. The prospect of its passage has buoyed investors, but significant obstacles remain before the bill is ready for Congress to send to President Trump’s desk.
Clarity, short for Digital Asset Market Clarity Act, passed the House of Repr...
The negotiation over the Clarity Act illustrates a fundamental tension between regulatory necessity, economic stability, and political identity. The core conflict is not merely about finance or technology, but about whose values should define the boundaries of a novel market. Banking interests frame the debate through a lens of systemic risk—fear that stablecoins will destabilize deposits—which serves as a powerful moral panic. Conversely, political actors frame the debate around ethical account...