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claims

The U.S. banking industry claims that the stablecoin provisions of the CLARITY Act still have loopholes

According to Cointelegraph, several major banking organizations in the United States have jointly stated that despite senators attempting to prohibit stablecoins from generating yields through the CLARITY Act, the latest wording in the bill still contains loopholes that fail to effectively prevent the outflow of bank deposits and do not adequately protect bank deposits.In a joint statement released, the American Bankers Association, the Bank Policy Institute, the Consumer Bankers Association, the Financial Services Forum, and the Independent Community Bankers of America pointed out that Section 404 of the bill allows crypto platforms to pay users interest or yields similar to bank deposits outside traditional rules, which is a significant loophole that needs to be addressed.Bank representatives warned that if the loophole is not closed, the large-scale adoption of stablecoins could lead to the loss of trillions of dollars in deposits from the U.S. banking system, particularly community banks, and could reduce loans to consumers, small businesses, and agriculture by more than one-fifth.Senator Thom Tillis responded that the current text has reached a compromise: it prohibits rewards on idle balances of stablecoins while allowing crypto platforms to offer other forms of customer rewards, believing this provides a possibility for bipartisan passage of the bill.However, the banking industry stated that it will submit specific amendment proposals to lawmakers in the coming days. The current text of the CLARITY Act was made public last Friday, and the crypto industry, including Coinbase, is pushing for a vote in the Senate next week.

Curve has launched a bad debt recovery mechanism, allowing impaired claims to exit through trading or participate in recovery

Curve Finance officially announced that it is introducing a bad debt recovery mechanism based on on-chain market mechanisms, allowing CRV-affected users in certain lending markets with bad debts to choose different recovery strategies: directly selling their claims to exit, continuing to hold and wait for potential recovery, or providing liquidity to earn fees and incentives. The core of this mechanism is to establish a trading pool between crvUSD and the tokens of the affected claims, allowing bad debt claims to be priced in the market and creating liquidity, thereby providing users with an immediate exit channel instead of relying solely on the final liquidation results.It is reported that after the cryptocurrency market crash in October last year, some lending markets under Curve Finance experienced bad debt issues, with various liquidity pools being impacted by severe price fluctuations and liquidity contraction, leading to some deposit users facing withdrawal restrictions and asset losses.Curve stated that the recovery mechanism will not eliminate losses or guarantee recovery, but will gradually reflect risks and recovery expectations through a market-oriented approach. Additionally, if the governance layer distributes rewards through the veCRV incentive mechanism, it will help enhance liquidity depth, improve exit conditions, and strengthen market pricing efficiency.

The Polish Prime Minister claims that cryptocurrency companies are involved with Russian gangs and intelligence networks and are funding political opponents, sparking regulatory controversy

Polish Prime Minister Donald Tusk stated that a cryptocurrency company linked to "Russian gangs and intelligence agencies" is funding political opponents and influencing domestic cryptocurrency regulatory legislation.During a parliamentary vote on Friday, Tusk pointed out that some Polish politicians obstructing cryptocurrency regulatory legislation are serving the interests of a company named Zondacrypto, which is accused of providing "financial support" to political figures and has ties to Russia. Tusk further claimed that the company sponsored the CPAC (Conservative Political Action Conference) event held in Poland last year, during which former U.S. Secretary of Homeland Security Kristi Noem publicly supported President Karol Nawrocki's campaign. Tusk bluntly stated that the company's funding sources involve not only "money related to the Russian mafia (Bratva)" but may also be connected to Russian intelligence agencies.Meanwhile, President Nawrocki won the election in June last year, with support from former U.S. President Donald Trump. The president's office responded that it does not oppose cryptocurrency regulation itself but opposes the "flawed regulatory model" proposed by the government. This controversy arises amid the political tug-of-war in Poland over the cryptocurrency regulatory bill. The bill aims to align with the EU's MiCA (Markets in Crypto-Assets Regulation) framework, but the president previously vetoed the related bill and blocked parliament from overturning the veto in December, hindering the regulatory process.
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