Whalesbook
US mein digital assets ke liye regulations set karne ki koshish mein ek important step liya gaya hai. Digital Asset Market Clarity Act ab Senate mein markup ke liye taiyar ho raha hai. Senator Thom Tillis keh rahe hain ki bank sector ki concerns par kuch progress hui hai, specially stablecoin rewards ko lekar, jisse Senate Banking Committee mein is par baat ho sakti hai. Lekin, abhi bhi kuch bade issues hain jo bill ke liye rukawat ban rahe hain, aur 2026 ke midterm elections se pehle ye sab solve karna ek challenge hai.
Stablecoin Yields Ka Chakkar
Sabse badi dikkat stablecoin par milne wale interest ya yields ko lekar hai. Banking industry walon ko dar hai ki agar digital asset platforms stablecoin par interest denge, toh unke $6.6 Trillion jitne deposits bank se nikal kar crypto mein ja sakte hain. Isse US ki lending capacity $1.2 Trillion tak kam ho sakti hai. White House ne is dar ko kam bataya hai, par banks isse apne funding model ke liye bada threat maante hain.
Senator Tillis compromise ki baat kar rahe hain, par details abhi clear nahi hain. Industry chahti hai ki saaf rules hon taki crypto exchanges koi loophole na use kar payen.
DeFi Aur Agency Ki Ladaai
Stablecoin ke alawa, decentralized finance (DeFi) aur alag-alag agencies ke powers ko lekar bhi bade disagreements hain. Senators Chuck Grassley aur Dick Durbin ko lagta hai ki DeFi developers ko protection dene se money laundering jaisi illicit activities ko rokna mushkil ho jayega, jaise Tornado Cash case mein dekha gaya tha. In senators ne yeh bhi kaha ki unki committee se sahi se consult nahi kiya gaya.
Wahi, SEC aur CFTC ke beech digital assets ko lekar kon kiska role hoga, yeh bhi ek purana issue hai jo pehle bhi bills ko rok chuka hai. House ne apna version July 2025 mein pass kar diya tha, ab Senate ke final text se reconcile karna hoga, jisme aur time lagega.
Elections Ka Pressure Aur Rasta Mushkil
Kuch log ummeed laga rahe hain, par TD Cowen ne is bill ke pass hone ke sirf 30% chances bataye hain, kyunki 5 bade hurdles hain. Betting markets bhi is uncertainty ko dikha rahe hain.
Legislative calendar mein time bahut kam hai. Midterm elections 2026 mein hain, aur lawmakers ka dhyan us par chala jayega. Agar May tak bill pass nahi hua, toh Senator Bernie Moreno ke according, ye 2030 tak postpone ho sakta hai. Midterm elections se pehle market mein volatility aur policy uncertainty badh sakti hai, jo aise initiatives ke liye problem create kar karti hai. Ek ethics provision bhi hai jo government officials ke personal crypto holdings ko target karegi, jisse yeh aur bhi sensitive ho gaya hai.
Aage Kya?
Ab sabki nazar Senate Banking Committee par hai ki kya woh May mein markup session kar paate hain. Stablecoin yields par compromise text ka release hona pehla kadam hoga. Uske baad committee approval, Senate vote, House bill se reconciliation aur President ka sign hona – har step par delay ho sakta hai. Experts keh rahe hain ki kisi ek issue se zyada, sab unresolved issues ka combination hi sabse bada risk hai. Is bill ka outcome US mein digital assets ka future decide karega.