Why Ripple CTO Emeritus Schwartz Says Banks Blocked Crypto Bill

TLDR Ripple CTO Emeritus Schwartz linked the CLARITY Act setback to pressure from the traditional banking sector. The Senate vote ended 49-50, falling short of the 60 votes needed to advance the bill. Senator Josh Hawley cited concerns that yield-bearing stablecoins could drain deposits from smaller banks. Schwartz argued that the bill would not materially [...]

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