Overview
- Progress on the CLARITY Act remains stalled over whether platforms can pay interest‑like rewards on stablecoin balances, keeping a Senate Banking Committee markup on hold.
- JPMorgan CEO Jamie Dimon said on CNBC that paying returns on stored balances is banking activity that should face capital, liquidity, AML and deposit‑insurance requirements, while allowing transaction‑linked rewards as a compromise.
- President Donald Trump accused banks of trying to undercut the already‑enacted GENIUS Act and urged swift passage of market‑structure legislation, increasing political pressure on negotiators.
- The OCC’s proposed rule to implement the GENIUS Act raised doubts about issuer–platform reward arrangements without explicitly banning yield, injecting new legal uncertainty for third‑party programs.
- With no deal by the informal March 1 goal and a tightening midterm calendar, observers say agencies like the SEC and CFTC are likely to shape crypto oversight through rulemaking and enforcement if Congress cannot agree.