Overview
- Sam Bankman-Fried endorsed the CLARITY Act in a post on X from prison, calling it a milestone for crypto and a win for President Trump while criticizing former SEC Chair Gary Gensler.
- Senators Cynthia Lummis and Elizabeth Warren publicly dismissed his support, with Lummis saying it is not wanted and Warren warning the endorsement should set off alarm bells.
- Lummis argued the proposal would have led to a longer sentence for Bankman-Fried and noted her legislation differs from the 2022 bill he backed before FTX’s collapse.
- Senate work on crypto market structure continues with disputes over whether stablecoin issuers may pay yield, as the House has already passed its version assigning roles to the SEC and CFTC.
- Treasury Secretary Scott Bessent urged action on the bill, Coinbase withdrew support over proposed yield limits, and a White House official said President Trump has no plans to pardon Bankman-Fried.