Clarity inches forward

Senators Adam Schiff and John Curtis (in a bipartisan push) plan to introduce legislation banning CFTC-regulated platforms like Kalshi and Polymarket from offering sports betting contracts. Schiff said the bill closes a "backdoor" that violates state consumer protections and tribal sovereignty, while Curtis cited concerns about young people's exposure to addictive gaming. Kalshi countered that the ban would push activity offshore and is motivated by threatened casino competitors. The proposal arrives amid escalating state-level legal action against prediction markets, even as the sector pursues fundraising at valuations around $20 billion. Read more →

The White House and key senators appear to have reached an agreement in principle on the stablecoin-yield language that has been holding up the Clarity Act, with White House crypto adviser Patrick Witt calling it a “major milestone.” The likely compromise would ban yield on idle stablecoin balances – a nod to bank fears around deposit flight – while keeping the broader market-structure bill alive. That said, none of this means the fight is over. Crypto and banking groups are heading to Capitol Hill this week to review the still-private text and other pieces of the bill. Either way, after months of stalling, this is a welcoming sign that a real deal may finally be getting close. Read more →

BlackRock chief Larry Fink used his annual shareholder letter to argue that tokenization and digital assets could modernize the financial system while warning that U.S. capitalism is failing too many workers. BlackRock's USD Institutional Digital Liquidity Fund (BUIDL) is the largest tokenized fund in the world, and the firm also manages $65 billion in stablecoin reserves and nearly $80 billion in digital asset ETFs. Read more →

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