《Clarity Act》 Faces Key Showdown This Week: Bank Lobbying May Lead to Vote Delay Until May

BlockBeats News, April 20th - This week, the United States "

" entered a crucial negotiation period, and whether it will receive the long-awaited committee review in April or be postponed to May will depend on recent developments. The Senate Banking Committee began the week focusing on the confirmation hearing of Federal Reserve Chair nominee Kevin Wash. Subsequently, the committee must decide by Friday whether to schedule a discussion on the bill for a vote during the week of April 27th.

The banking groups, represented by the North Carolina Bankers Association, are lobbying against the stablecoin yield restriction clause in the bill, urging members to call Senator Thom Tillis's office for amendments. Industry groups are also reportedly reaching out to other committee members.

After over two months of negotiations, a compromise was reached between the crypto industry and banks at the end of last month, with the crypto industry being generally satisfied. However, following a White House Economic Advisory Committee report downplaying the risk of stablecoin yields to the banking system, the voices calling for amendments from the banking side have grown stronger.

White House Cryptocurrency Committee Executive Director Patrick Witt criticized banks on the X platform, accusing them of "lobbying further out of greed or ignorance." Senator Tillis proposed holding a "crypto carnival" in-person meeting, which could extend the timeline. He emphasized that there are still issues to be negotiated but expressed optimism about scheduling a review in the coming weeks.

In addition to the yield issue, the bill also needs to address ethical and DeFi-related clauses. This week's progress will determine the fate of the bill, with the market closely watching.