Huge bipartisan vote for the CLARITY Act at the Senate Banking Committee today! Fantastic work by so many people, including @SenatorTimScott @SenLummis @SenThomTillis @berniemoreno @SenRubenGallego @AlsobrooksForMD. Heroic and tireless work by the expert staff, especially on @BankingGOP. Plus huge thanks and respect to @POTUS’s extraordinary team, led by @patrickjwitt Tyler Williams, Harry Jung and many others. Historic.

We’re reviewing the details of the CLARITY Act text released overnight, but it’s clear that this is a strong compromise and a result of hard work from all parties involved. Markups are rarely this exciting, but we can’t wait for the bill to move forward this week.

The final rewards text in the CLARITY Act is now public. We’ve been clear throughout this process: much of this debate was based on imagined risks, not real evidence, nor was it based on a real understanding of how crypto actually works. Nevertheless, the crypto industry showed up to engage. Through months of meetings, the @WhiteHouse, @USTreasury, @BankingGOP, @SenThomTillis and @Sen_Alsobrooks finally arrived at a compromise. In the end, the banks were able to get more restrictions on rewards, but we protected what matters – the ability for Americans to earn rewards, based on real usage of crypto platforms and networks. We also ensured the US can be at the forefront of the financial system – which in this competitive geopolitical era is paramount. That’s important for innovation, consumers and America's national security. Now that this issue is behind us, it’s time to focus on the broader bill. While this debate has been underway, lots of progress has been made on other areas like token classification, defi, and tokenization. We’re excited to review the full, final text, and for the bill to move forward. It’s time to get CLARITY done.

Stablecoins make payments cheaper, faster and more accessible. This is good for the American people, but also for banks, particularly small banks who will be able to offer a broader range of payment services without the infrastructure of big banks. It's good to see the @WhiteHouse confirm what other serious analysis has already shown - that stablecoins are an opportunity and not a threat.

The @USOCC's conditional approval of @coinbase's national trust charter is a landmark moment. Enormous thanks to @USComptroller Jonathan Gould and his team for their diligent review of our application and the fair application of the law.