Crypto and stablecoins are coming to your local bank app. We're partnering with Stablecore to integrate regulated digital asset custody, trading, and payments into thousands of community banks and credit unions. Finance is moving onchain - banks included.

I would say the same thing about @Sen_Alsobrooks. She was heroic and principled in her efforts to find compromise on the toughest issues. And her work, along with @SenRubenGallego and @SenGillibrand, should be recognized and commended. The CLARITY Act is a good bill, and I have faith we’ll still get it done. Some day.

.@CynthiaMLummis (@SenLummis) as a longtime advocate for crypto, I’m grateful for all of your work on the CLARITY Act. As a lifelong Wyomingite, I’m so proud to call you my home state Senator. You have been an incredible steward of Wyoming’s commitment to economic freedom, individual choice, innovation, and pro-growth policy. Simply put, you deserve every one of the best monikers! 🙏

With today's Senate action, we now know four things: 1/ Today's vote mattered. After years of negotiations, it was largely a partisan vote when the music stopped. That’s unfortunate because so many people on both sides of the aisle worked hard to improve this bill. And yet, the Democrats voted as a block against the most comprehensive, bipartisan bill ever written. Maybe there will be an opportunity to bring everybody back to the table with a commitment to get a bill done — I hope so. 2/ The banks did everything in their power to kill the Clarity Act. The big banks and the small banks worked together to hand @realDonaldTrump a loss and stop financial innovation and competition in America, and they successfully put several Republicans on record as anti-crypto. This was not a zero sum game, but they made it one. 3/ The GENIUS Act is the law of the land. Anybody who wants to earn more than 0.1% on their bank account should look at other options. 4/ There’s another path, and there's zero time to waste. @ChairmanSelig and @SECPaulSAtkins have spent more than a year preparing for this moment, and they are ready to put in place rules that will enable the future of finance. It's time to get it done.

There’s no sense in sugarcoating it: today’s vote was a major disappointment—and, I believe, a failure of American leadership. The full cost of today’s result may not be known for years to come, but this much is clear: it increases the risk that the standards that global financial markets adhere to in the future will be those of Brussels or Beijing, rather than Washington and New York. I want to thank @POTUS for the opportunity to work on this important legislation and for the remarkable concessions he was willing to make to give this bill a chance; @DavidSacks for his wise leadership on not only crypto but all frontier tech policy; and all the Senators and their staffs who devoted countless hours to working on this bill, chief among them @SenLummis who deserved much better than this. Lastly, I also want to thank my colleagues across the administration at Treasury, SEC, and the CFTC. Their partnership helped us find creative solutions to challenging issues throughout this process, and their patience made it possible for us to see it all the way through to a vote. On that last point: @SECPaulSAtkins and @ChairmanSelig, you’re up!

Senators pick one of two choices today: 1. vote yes on the CLARITY Act to promote innovation, protect consumers, put new ethics restrictions on elected officials, and create new law enforcement tools to combat illicit finance, or 2. vote no and let other countries lead in building the future of finance History - and the crypto voter - won’t forget.

Today is the day. Senators, if you care about consumers, combatting fraud and illicit finance, and beating China, you will vote for this bill. Every markup, hearing, vote, meeting, phone call, roundtable, trip to DC, and drafting session over the last 5 years (or 10 for those of who have been on the ground since 2016) has led to this moment. Senators only get one chance to ensure the CLARITY Act lives to fight another day.

Crypto companies have been offering rewards on stablecoins for years. We don’t need to speculate: If the deposit flight myth were real, it would have already occurred. Instead, data shows bank deposits are going up, not down. Still, the compromise contained in Section 404 of the Clarity Act restricts the payment of stablecoin rewards that mimic interest on bank deposits. The latest draft now also adds a “circuit breaker” granting the Secretary of the Treasury extraordinary authority to further restrict stablecoin rewards in the event the boogeyman of deposit flight materializes. If Clarity fails, banks get none of these protections.

Community banks and crypto aren't opposing forces. As @faryarshirzad explains in @AmericanBanker, Clarity creates a regulatory environment that allows crypto and banks to work together to build the future financial system. The Senate can advance that vision tomorrow when they vote at 2:15pm ET. There are no do-overs. The time is now to pass the CLARITY Act.

Great piece in @FortuneMagazine by @coinbase’s @johnjdagostino and @RegionsBank’s Chris Kennedy about the opportunity that stablecoins offer to community banks. New technology can level the playing field - giving smaller banks access to faster payments, global settlement and modern treasury services that once required the scale of the largest institutions. That means more tools to serve their customers, compete and grow. CLARITY builds on this opportunity by giving banks the legal tools to participate in the digital financial system - one more reason for the Senate to vote yes next week.

The Big Banks proposal for CLARITY's yield language reveals their true goal—banning rewards on stablecoins and undermining their value proposition. These changes would enable banks to argue that Starbucks can't give you a discount on your coffee for paying with stablecoins.

Crypto doesn’t compete with community banks — it can make them stronger. This partnership will give more than 1,000 small and community banks access to stablecoin infrastructure using the technology they already rely on. This is how innovation will meet banks and communities where they are.

Banks benefit from crypto. We're partnering with @Moov to provide small and community banks the infrastructure for stablecoins. That means acceptance, settlement, and real-time funding for more than 1000 of them, through the tech stacks they already use. This is what regulated stablecoin infrastructure looks like.

Thank you to Congressman @ZachNunn for stopping by our roundtable discussion with community leaders about crypto in the Iowa community. Crypto is a kitchen-table issue, and Iowa voters are paying attention to where their lawmakers stand.

The Voter Hub is live 🛡️ Check your registration, see if your candidates support crypto, and meet the 38 Crypto Champions we've endorsed in this election. One address. Everything you need to vote.

Today was a big day in Washington for crypto. While Congress works from home this month, @realDonaldTrump, @MichaelSelig and @SECPaulSAtkins are keeping up the momentum in DC. Today’s meeting at the White House sent a clear message: the CLARITY Act is ready for a vote, and it’s happening on Sept 15. It’s time to pass this pro-consumer, pro-law enforcement, pro-bank, pro-crypto bill into law. Thanks @edhenry for the conversation.