The US Senate plans to hold a procedural vote on the Clarity Act on September 15th, which proposes to share the regulatory responsibilities of digital assets between the Securities and Exchange Commission and the Commodity Futures Trading Commission. Crypto industry groups have spent at least $190 million for the November midterm elections and are pushing for the bill to pass. The Independent Community Bankers of America is requesting amendments to the bill to prohibit stablecoin earnings, in order to safeguard the $4.1 trillion lending activities of community banks. The rewards of stablecoins, anti money laundering guarantees, and ethical restrictions have become the focus of controversy. (Source: Decrypt)
