Congress has only weeks left to convince banks on crypto CLARITY Act or risk losing it to midterms

Congress faces a tight deadline of only weeks to pass the crypto CLARITY Act before midterm elections potentially derail the legislation. Banks are actively lobbying against stablecoin companies offering deposit-like rewards, creating a central conflict in Washington's crypto regulatory agenda.

• →The President-backed crypto CLARITY Act faces a critical deadline before midterm elections could kill the legislation
• →Banks are pressuring lawmakers and regulators to prevent stablecoin companies from offering interest-like rewards on deposits
• →The stablecoin rewards issue has become a central unresolved question in Washington's crypto regulatory framework
• →Time is running out for Congress to address banking industry concerns about crypto competition
• →The outcome will determine broader rules for US crypto markets and stablecoin operations