Trump's crypto capital push advances as CLARITY Act nears Senate markup
Fox Business • • business
Key Points:
- Momentum is growing behind President Donald Trump's initiative to position the U.S. as the "crypto capital of the world," with lawmakers advancing the CLARITY Act to establish a regulatory framework for cryptocurrency.
- The CLARITY Act, which previously stalled in the Senate over stablecoin yield concerns, is gaining traction and may soon proceed to a Senate markup, according to Sen. Thom Tillis and other supporters.
- Zach Witkoff, CEO of World Liberty Financial, defended the growth of stablecoins, arguing they have not caused a mass flight of bank deposits and can present opportunities for banks that embrace crypto.
- South Carolina Sen. Tim Scott aims to hold a markup of the CLARITY Act this month and bring it to the Senate floor by June or July, emphasizing the bill's potential to help Americans keep more of their money.
- The push aligns with broader efforts to democratize yield through digital dollars and foster collaboration between traditional banks and the crypto industry.
