RWA ๐ Global & Macro: U.S. Treasury Secretary Scott Bessent warned that if stablecoins harm community banks, he will deploy CLARITY Act tools, signaling potential regulatory scrutiny. Meanwhile, Senator Kirsten Gillibrand urged senators to advance the Clarity Act review despite ongoing disagreements over ethics provisions.
๐ฆ RWA & Institutional: Eight bank industry associations jointly argued that the circuit breaker mechanism in the Clarity Act does not provide adequate safeguards, contending it falls short of protecting the banking system from potential risks.
โก Crypto & Markets: Stablecoin regulation remains in focus as traditional banking groups push back on proposed safeguards, creating uncertainty for crypto market participants.
๐ก Key Takeaway: Regulatory tensions over stablecoins and the Clarity Act intensify, with Treasury ready to intervene and banks demanding stronger protections, keeping crypto markets on edge.