Former US Senator Pat Toomey is urging the Senate to pass the Digital Asset Market Clarity Act (CLARITY Act, H.R. 3633) before the August recess. He argues that stablecoins, with an approximate market size of $300 billion, should be regulated like money market funds rather than banking products. The bill advanced through the Senate Banking Committee on May 14 with a bipartisan 15-9 vote. The legislation prohibits rewards functioning like interest on bank deposits while allowing transaction-based incentives.
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