Blockchain Association urges Senate to reject retail CBDC
The U.S. Senate Banking Committee has advanced the CLARITY Act, a bill aimed at establishing market structure rules for digital assets, with a 15-9 vote, moving it towards a Senate floor vote before the July 4 recess. Concurrently, the Blockchain Association is urging the Senate to reject a retail Central Bank Digital Currency (CBDC), arguing it threatens financial privacy and the stablecoin ecosystem, while supporting the CLARITY Act for private stablecoin regulation. In Europe, an ECB board member suggested a digital euro is the best response to stablecoins, warning of U.S. financial dominance and risks to financial stability from private stablecoins. Meanwhile, UK Lords caution that overly strict stablecoin rules could render pound sterling tokens unworkable, urging reconsideration of reserve requirements. In bankruptcy news, the SEC is opposing a request to overturn a $24 million judgment against the bankrupt firm Bittrex, which could affect customer funds. Separately, institutional funds are accumulating Bitcoin on dips, viewing it as an attractive entry point for a long-term horizon, even as the crypto market lags broader risk assets.