Regulatory Delays Shift Crypto Policy Landscape

Tim Scott, chair of the Senate Banking Committee, has delayed the CLARITY Act markup following a notable withdrawal of support from Coinbase. The exchange's move stems from concerns over proposed stablecoin yield restrictions that banking interests have championed. While no new date has been formally announced, sources indicate action could still materialize by month's end.

This legislative shuffle underscores the ongoing tension between traditional banking and crypto platforms over stablecoin regulation. Coinbase's stance reflects broader industry pushback against yield restrictions that some argue could limit innovation and competitiveness in the digital asset space.

Meanwhile, Bitcoin has been catching headlines for its own dramatic moves. The flagship cryptocurrency touched a local high of $97.7K before settling around $96.5K at press time, reflecting broader market sensitivity to macro conditions and policy developments.