Clarity Act Update

NYDIG's Pete Janney and Ben Lawsky unpack the current state of the Clarity Act, the broad market structure bill that would define when digital assets are securities versus commodities and establish a regulatory framework for exchanges, DeFi, and tokenization. They explore how an unresolved stablecoin yield provision from the Genius Act derailed the bill's momentum, the competing interests of the banking lobby, major crypto players, and the White House, and why May is shaping up as a make-or-break window before midterm politics complicate the path forward. The conversation also touches on what legislative delay means for institutional adoption and why some of the largest financial firms are hoping for statutory clarity before finalizing their moves into the crypto space.