In remarks delivered on August 4, the Pennsylvania Republican pushed lawmakers to pass the Digital Asset Market Clarity Act, commonly known as the CLARITY Act (H.R. AdvertisementBack then, banks worried that money market funds would drain their deposit base. Money market funds eventually got their own regulatory framework under the SEC rather than being forced into bank charters. That bill didn’t make it across the finish line, but its DNA is clearly present in the CLARITY Act. Some stablecoin yield products currently operate in a gray area that the CLARITY Act could explicitly close.