Clarity Act markup leaves bitcoin unstirred
This is an excerpt from CoinDesk newsletter Daybook.Sign up here, if you havent already. The weeks main event for digital assets, the U.S. Clarity Act markup, is due later today. The crypto market, led by bitcoin, seems to be treating it as a non-event. The proposed bill aims to establish a comprehensive regulatory framework for digital assets. The latest draft, released on May 11, includes several key provisions, including a ban on interest on stablecoin balances and a $5 million penalty for violations. It also adds the Treasury as a rule-making authority alongside the SEC and CFTC. There is still no ethics language preventing government officials from issuing tokens, though observers expect it may be introduced during markup, when a Congressional committee will review, debate and amend the wording line by line. “As the framework moves toward passage, $BTCs case as a strategic allocation with unique diversification benefits in a balanced portfolio only strengthens,” said Can-Luca Köymen, an investment strategist at Sygnum Bank. Not everyone is happy with the current wording. Over 100 Substack amendments were submitted ahead of a Wednesday deadline, including one proposing a ban on Federal Reserve master accounts for crypto companies. “That could be problematic,” said Noelle Acheson, author of Crypto is Macro