US Senate advances new crypto law yet CLARITY gridlock might kill the bill for good

On Jan. 29, the Senate Agriculture Committee advanced the crypto market-structure bill, giving the legislation known as the “CLARITY Act” its first concrete win in the Senate.

The Agriculture panel’s action moves the bill closer to a full Senate fight over which regulator sets the rules for spot crypto markets.

However, the bigger near-term problem is that lawmakers are struggling to resolvean escalating fight over stablecoin “interest” and rewards.

This impasse has already led to gridlock in the…