The Clarity Act moved closer to passage after Senator Roger Marshall pulled a contested amendment targeting credit card swipe fees, removing a political obstacle and preserving bipartisan momentum behind the bill. Marshall’s retreat came as Coinbase CEO Brian Armstrong opposed the bill’s prohibition on earning yield on stablecoins, sparking infighting within the crypto leadership. The legislation aims to regulate and legitimize digital assets and integrate blockchain-based assets and technologies into the broader financial system, with a Senate Agriculture Committee vote anticipated soon.
Bitcoin is down roughly 31% since its all-time high in October, while Ethereum and Solana are down roughly 40% and 50%, respectively, from their highs last year. This decline comes in spite of Trump’s more favorable policies toward the sector, including the Genius Act he signed in July to set a regulatory framework for stablecoins. Months later, cryptocurrencies reached record-high prices, only to plummet starting in October and have yet to recover.
Tether has $187 billion in assets, big plans for U.S. expansion—and a CEO who warns the West is heading toward social collapse. Strategy buys more Bitcoin—$264 million of it—even as Bitcoin slumps to 87,000. A crypto social media network’s failure raises an awkward question: Is blockchain good for anything beside finance? From Trump to Brian Armstrong to CZ, crypto was in the Davos spotlight like never before.
Leave a Reply