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A coalition including Coinbase, Ripple, Andreessen Horowitz, Circle, and Kraken has urged the U.S. Senate Banking Committee to advance the CLARITY Act, warning that delays could push investment and development offshore.
The Crypto Council for Innovation and the Blockchain Association led a letter dated April 23 to Senate Banking Committee Chairman Tim Scott (R-SC), Ranking Member Elizabeth Warren (D-Mass.), Digital Assets Subcommittee Chair Cynthia Lummis (R-Wyo.), and Ranking Member Ruben Gallego (D-AZ).
“With thoughtful market structure legislation, Congress has the opportunity to extend that leadership into the next generation of financial technology,” the groups wrote.
The coalition said it supports the committee’s work on stablecoin-linked consumer rewards and efforts to define SEC and CFTC oversight. It also emphasized the need to protect developers building decentralized systems and called for a consistent federal framework across all 50 states.
The groups argued that agency guidance is not sufficient. “The United States cannot risk a return to the previous era of regulation by enforcement, which perpetuated uncertainty for both builders and market participants,” the letter said.
“Timely action is critical” because the lack of a comprehensive U.S. framework risks pushing “investment, jobs, and technological development offshore,” the coalition warned.
Senator Bernie Moreno said at a Washington event on Wednesday evening that he believes crypto market structure legislation will be completed by the end of May, according to journalist Eleanor Terrett.
Moreno reportedly dismissed bank objections to stablecoin yield as “a lot of noise in the system,” though his office did not confirm whether a markup could be delayed into next month.
The Block reported this week that negotiations around the Senate’s crypto package had reached what one source described as a “good spot” on the question of stablecoin rewards.
The letter was signed by Coinbase, Circle, Kraken, Uniswap Labs, Ripple, Andreessen Horowitz, Chainlink Labs, Chainalysis, OKX, Paradigm, and Block, along with advocacy groups, campus chapters, and state-level crypto organizations.
Earlier this month, The Block reported that an April target for Senate action had begun to slip. TD Cowen flagged five hurdles still hanging over the bill beyond the stablecoin yield issue.
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