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Odaily reports: A Fox Business crypto reporter posted on X that U.S. Senate Republicans have released an updated text of the CLARITY Act following negotiations during the August recess. The ethics section appears unchanged, and the BRCA and stablecoin yield sections also remain the same. The updates include: requiring non-decentralized DeFi protocols to register with the U.S. Commodity Futures Trading Commission; limiting DeFi provisions to spot or cash digital commodity transactions, seemingly aimed at addressing tribes' concerns about blockchain-based prediction markets; and clarifying the authority of credit unions to conduct cryptocurrency business.
Odaily News: Fox Business crypto correspondent posted on X platform, stating that the G20 Chair's Statement released today by @SecScottBessent mentions digital assets. Finance ministers and central bank governors from the world's 20 largest economies recognized the potential of digital assets to support economic growth and committed to establishing a "clear path" for responsible innovation.The statement also called for improvements to cross-border payments, including extending the operating hours of systems used by banks and central banks for processing large-value or time-sensitive payments, promoting broader adoption of ISO 20022 — the global messaging standard used by banks — and simplifying the process for cross-border transfers of financial services data.Additionally, G20 members are awaiting the release of the Financial Stability Board's research findings on the cross-border impact of global stablecoins.
According to Fortune, NVIDIA CEO Jensen Huang stated in an interview with Fox Business that the AI wave will not destroy jobs but instead create hundreds of thousands of new positions. He specifically noted that with the massive construction of infrastructure such as semiconductor fabs and AI data centers, trades like electricians, plumbers, and technicians will see a surge in demand. Huang predicted this will be the "largest infrastructure buildout in human history." NVIDIA has already committed to providing up to $105 billion in financial support for a new OpenAI data center in Ohio. However, the U.S. faces a severe shortage of skilled trades workers, with an estimated 2.1 million trade positions expected to remain vacant by 2030. In response, Blackstone, Ford, Google, and other companies have jointly launched the "U.S. Skilled Trades Alliance," aiming to expand skills training across 30 states nationwide.
Odaily News: Citing sources, Fox News reporter Aishah Hasnie revealed that Trump will begin tapping into approximately $400 million from his personal super political action committee "MAGA Inc" to support Republicans facing competitive races in the November midterm elections this year.
: Fox Business crypto reporter posted on X that BlockchainAssn, a crypto industry organization, has filed an amicus brief supporting Custodia Bank's petition to the U.S. Supreme Court, urging the Court to review whether regional Federal Reserve banks have the authority to deny eligible state-chartered banks access to master accounts. The organization warned that lower court rulings in favor of the Federal Reserve grant the central bank broad power to disqualify industries or companies it does not recognize from accessing banking services, effectively determining which state-chartered banks are permitted to operate. Meanwhile, the Federal Reserve Bank of Kansas City has been granted an extension until September 11 to respond to Custodia's petition.
Odaily News: Fox Business crypto reporter posted on X platform that the Securities and Exchange Commission's Division of Investment Management has issued a no-action letter to FTDA_US, allowing its registered funds to use Franklin Templeton's on-chain money market fund FOBXX to manage cash, including securities lending collateral. The exemption allows Franklin Templeton to custody these fund shares and record ownership through its blockchain-integrated system, without needing to comply with certain traditional rules established for physical securities. Franklin Templeton stated that this structure supports intraday trading, hourly net asset value calculations, and faster transaction processing.
Odaily News: Fox Business crypto reporter stated on the X platform that the SEC will hold an open meeting at 10:00 AM Eastern Time on Friday to consider whether to issue a notice proposing a tailored issuance regime for certain investment contracts involving crypto assets.
Odaily News: Stablecoin issuer Circle Internet Group has announced that it has renewed its USDC cooperation agreement with cryptocurrency exchange Coinbase under existing terms, and USDC will continue to be integrated across Coinbase's various products. The company did not disclose the specific economic terms of the renewed agreement. Circle's total revenue and reserve income for the second quarter reached $701 million, up 7% year-over-year; USDC circulation stood at $73.3 billion at the end of the quarter. Currently, Circle has signed distribution agreements with over 150 partners, providing economic incentives for the adoption and promotion of USDC. Circle CFO Jeremy Fox-Geen stated that the company has no plans to introduce quarterly dividends for now, and will prioritize investing capital into business growth while maintaining balance sheet flexibility to support investment and strategic opportunities across different market cycles. (news.bitcoin)
Odaily News: US Senate Banking Committee Chairman Tim Scott stated that the CLARITY Act, which addresses cryptocurrency market regulation, will face a vote before the congressional recess — "there is no doubt it will come to a vote."In an interview with Fox News, Scott said the Senate may extend its working hours beyond the next two days to advance progress on related legislation. He noted that Republicans are building consensus on the bill internally and believe that establishing a crypto regulatory framework "serves America's interests."Tim Scott said: "We will get this done."The CLARITY Act aims to further clarify the US digital asset regulatory framework by delineating the respective oversight responsibilities of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) in the crypto market. Supporters argue the bill would provide clearer rules for the industry and help the US maintain competitiveness in the digital asset space.Currently, the bill still faces disputes within Congress over consumer protection, regulatory authority, and market risk. If ultimately passed, it would mark a significant step forward in building the US crypto regulatory system. (Beincrypto)
Odaily Planet Daily reported that Fox Business crypto journalist posted on X, stating that Lummis said Senator Hawley is "very resistant." Hawley did not vote in favor of the GENIUS Act and is not expected to vote for the CLARITY Act either; however, discussions with his office are reportedly still ongoing. Other Republican opposition appears to stem from the banking industry's concerns over the stablecoin earnings provisions in the bill. Fox Business crypto journalist noted that an industry source familiar with the matter said yesterday that, given the banking lobby's pressure and concerns from some Republicans, the earnings provisions in the bill are expected to undergo at least partial adjustments before it goes to a full Senate vote. However, it remains unclear whether these adjustments will be sufficient to satisfy the banking sector.
Fox Business crypto journalist posted on X that former NCUA Chairman Rodney Hood stated last week that credit unions play an important role in modernizing the financial system. A few days later, AmericasCUs, along with credit union leagues in all 50 U.S. states, supported the vast majority of the Clarity Act. However, they echoed the banking industry's concerns regarding the bill's stablecoin yield provisions, urging senators to strengthen the language. These groups believe that the current Tillis-Alsobrooks compromise could still allow for "functionally passive" reward structures, potentially causing deposits to flow out of local credit unions.
: Fox Business crypto journalist posted on platform X that the crypto industry hopes U.S. Senate Republicans will push the Clarity Act to the floor voting process this week and seek support from Democrats.
: Fox Business crypto reporter posted on X platform that the National Fraternal Order of Police, one of the key law enforcement groups involved in the negotiations for the Blockchain Regulatory Certainty Act, now supports the latest version of the Clarity Act, stating that the revised BRCA wording addresses their previous concerns and preserves law enforcement’s ability to investigate crypto crimes. In the latest version of the bill released on Wednesday, the BRCA content remained unchanged, so it is unclear what specific changes the group is referring to.
Odaily News: Fox Business crypto reporter posted on platform X that Digital Chamber, Crypto Council, and Blockchain Association are urging U.S. Senate leadership to bring the Clarity Act to a full floor vote, despite the bill currently lacking the necessary support for advancement.
Odaily News: Fox Business crypto reporter posted on X platform that a new section has been added to the bill, dedicated to enhancing law enforcement's ability to investigate crypto-related crimes. This section will increase funding for state and local crypto investigations and blockchain analysis tools, establish new training programs for law enforcement and prosecutors, set up "cyber hubs" to address threats posed by state actors such as North Korea and Iran, create public-private joint task forces to coordinate efforts against crypto fraud, and require stablecoin issuers to comply with lawful orders when appropriate, including freezing, seizing, destroying, and reissuing tokens.
Odaily News: Fox Business crypto reporter posted on X platform that, following a briefing call with stakeholders this morning, U.S. Senate Republicans have just released an updated version of the Clarity Act. The latest text includes key provisions on ethics, BRCA, and other areas that have been under scrutiny.
Odaily News: Fox Business crypto reporter posted on X platform, stating that according to sources, the U.S. Congress is holding bipartisan discussions on ethics issues today. Negotiators are also discussing DeFi provisions, but ethics remains the main obstacle. When asked about the ethics proposal, a spokesperson for SenLummis said that conversations with the White House last week were "progressing well," and the ethics text to be released in the coming days will reflect these productive discussions.
Fox Business crypto reporter posted on platform X, stating that after President Trump met with Republican senators last Thursday, the White House has not yet reached an agreement on ethical parameters. The industry is still awaiting the updated version of the bill text.
Odaily News, Fox Business crypto reporter posted on platform X, stating that it is currently unclear what this means for the BRCA clause, nor whether other modifications will be made to the version passed by the Senate Banking Committee. Law enforcement support has become a key factor in the bill's negotiations, with some Democratic senators, including @CortezMasto and @MarkWarner, indicating they hope to address law enforcement's concerns before the full Senate supports the legislation.
Fox Business crypto journalist posted on X platform, stating that after a series of developments in the past 24 hours, industry sources said the Clarity Act amendment text may be released soon. However, as ethical norm negotiations continue, they are also preparing for a possible delay in release until later this week.