JP Morgan CEO Jamie Dimon warned Andy Burnham that raising bank taxes could jeopardize the bank's £3bn London headquarters project and deter investment from Britain. Dimon, a long-standing critic of the UK's bank tax surcharge, emphasized the adverse consequences of penalizing companies.
Banking trade groups are pressing U.S. regulators for clarity on stablecoin transaction oversight after issuance, arguing that secondary market monitoring is critical to combat illicit finance. Crypto firms previously warned that broad AML rules could harm DeFi.
Senators had hoped the issue, which has plagued crypto legislation for months, had been put to bed with a proposed compromise last week.
New stablecoin yield provisions have been published by Senators Thom Tillis and Angela Alsobrooks, potentially clearing a major roadblock for the CLARITY Act. The legislation prohibits paying interest on stablecoins but allows rewards for bona fide activities. Polymarket traders now see a 55% chance of the bill passing in 2026, up 9% in 24 hours. Senate Banking Committee could schedule markup as soon as the week of May 11.
Galaxy Digital head of research Alex Thorn expects the banking industry to “increase their opposition efforts” following the release of the final stablecoin yield provisions.
