Senate amendments reshape crypto regulation incentives

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The CLARITY Act aims to define whether the SEC or CFTC regulates crypto markets, impacting exchanges, stablecoins, and DeFi. The Senate’s rewritten version expands SEC oversight, adds disclosure rules, and treats stablecoins as payment instruments rather than yield products.

Coinbase opposes this approach, citing risks to tokenized equities, stablecoin yield, and DeFi innovation. Ripple welcomes the clarity, arguing that predictable rules favor institutional adoption and regulated payment rails.

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treating stablecoins as payments instead of yield is basically the end of some defi plays