Crypto decries stablecoin change in Senate market structure bill
Stablecoin issuers will be forbidden from paying passive yield under the latest version of a landmark crypto bill filed by US Senators on Monday night, marking a major victory for banks that had warned the tokens could undermine their ability to lend to businesses and homebuyers.
But it includes significant protections for software developers such as Tornado Cash co-founder Roman Storm, who was found guilty of operating an unlicensed money-transmitting business after a three-week criminal trial in New York last year.
The Clarity Act is scheduled for a vote in the Senate Banking Committee on Thursday. A separate vote on a version being prepared by Senators on the Agriculture Committee was postponed until the final week of…
