Coinbase, Ripple among over 200 crypto organizations urging Senate Clarity Act vote — 2026-06-08

## Short Segments As banks face new competition from crypto challengers, they're turning to tokenized deposits to stay relevant. We'll explore how this shift is reshaping the financial landscape. Next, the UK FCA proposes allowing funds to allocate up to 10% to crypto ETNs, signaling a potential shift in investment strategies. We'll also look at the rapid growth of stablecoins on the XRP Ledger and what it means for Ripple's ecosystem. Plus, Peter Schiff's surprising stance against bank-style regulation for stablecoin issuers sparks a new debate. And finally, HashKey's pilot of stablecoin payments in the Middle East and Africa marks another step in cross-border commerce innovation. Coming up, our feature story dives into the push by over 200 crypto organizations, including Coinbase and Ripple, urging the Senate to vote on the Clarity Act. Banks are embracing tokenized deposits as crypto challengers emerge. With the rise of digital assets, banks are under pressure to modernize and prevent customer deposits from being siphoned off by crypto firms. The Clearing House has announced a payments initiative to connect blockchain-supported payments with traditional currency rails, aiming to facilitate easy clearing and settlement of tokenized deposits. Major banks like JPMorgan Chase and Bank of America are planning to launch a shared tokenized deposit network by 2027, opening a new front in the race to dominate blockchain cash. This move highlights the growing importance of integrating blockchain technology into traditional banking systems to maintain competitiveness. The UK FCA proposes allowing authorized funds to allocate up to 10% to crypto ETNs. This proposal aims to widen regulated fund access to crypto exchange-traded notes while keeping exposure capped for mainstream retail products. If adopted, the regulation would allow authorized investment funds, such as UCITS and most non-UCITS retail schemes, to allocate a portion of their assets to crypto ETNs. This marks a significant step in integrating digital assets into traditional investment portfolios, potentially attracting more institutional interest in the crypto market. The consultation period for this proposal is open until July 13, offering stakeholders a chance to weigh in on the potential impact. XRPL stablecoin growth shows a bigger shift across the network. The supply of stablecoins on the XRP Ledger has surged, reaching $762 million after a 22% increase. This expansion is strengthening the financial infrastructure of Ripple's ecosystem, enhancing settlement liquidity and enabling the XRP Ledger to support a broader range of on-chain financial activities beyond cross-border payments. The increase in stablecoin supply reflects growing confidence in the XRP Ledger's capabilities and its potential to support diverse financial applications. This development could attract more institutional players to the network, further boosting its transaction volume and utility. Peter Schiff rejects bank-style regulation for stablecoin issuers, sparking a crypto oversight debate. In a surprising move, the longtime Bitcoin critic argues that stablecoin issuers should not be subject to the same capital and compliance requirements as traditional banks. Schiff's stance challenges recent calls by JPMorgan Chase CEO Jamie Dimon for stricter regulation of crypto firms offering interest-bearing products. Schiff contends that stablecoin issuers differ fundamentally from banks, as they do not operate under a fractional reserve model or engage in lending activities that pose risks to depositors. This debate highlights the ongoing tension between traditional financial regulations and the unique nature of digital assets. HashKey pilots stablecoin payments, Lunate expands ETFs, and another tokenization play emerges. HashKey MENA is leading an initiative to explore regulated stablecoin-enabled settlement flows for cross-border commerce between the Middle East and Africa. This move aims to address the growing demand for efficient and secure payment solutions in the region. Meanwhile, Lunate is expanding its ETF offerings, further integrating tokenization into traditional financial products. These developments underscore the increasing adoption of blockchain technology in global finance, paving the way for more innovative financial solutions. ## Feature Story Coinbase, Ripple, and over 200 crypto organizations are urging the Senate to vote on the Clarity Act. This collective push aims to establish a comprehensive federal regulatory framework for digital-asset markets, providing a clear registration pathway for crypto firms. The Clarity Act has already passed the Senate Banking Committee with bipartisan support, and Senator Cynthia Lummis has confirmed that the bill is moving toward a floor vote. The industry letter, signed by major players like Kraken, Circle, and Binance US, emphasizes the importance of reinforcing the U.S. role as a global leader in digital-asset innovation. Stand With Crypto, a key advocate, claims to have mobilized nearly 3 million supporters nationwide, highlighting the widespread demand for regulatory clarity. This move comes as the crypto industry faces increasing scrutiny and calls for regulation, with stakeholders seeking a balanced approach that fosters innovation while ensuring consumer protection. The Clarity Act represents a significant opportunity to address these concerns by providing a unified regulatory framework that could prevent a patchwork of state-level regulations. As the bill progresses, all eyes will be on the Senate to see if it advances to a full vote, potentially setting a precedent for future crypto legislation. For issuers, custodians, and payment companies, the outcome of this vote could shape the regulatory landscape for years to come, influencing how digital assets are integrated into the broader financial system. With the stakes high, the crypto industry is watching closely, hoping for a resolution that supports growth and innovation while addressing regulatory challenges.