CLARITY Act Senate Stall + Stablecoin Yield Friction
The Legacy-Banking Constraint on Substrate-Handoff Velocity
Passed House 2025; stalled in Senate Banking Committee April 2026. The CLARITY Act attempts to delineate the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) jurisdiction over digital assets.
Also in Report #82
ISO 20022 + SWIFT CBPR+ Hard Cutover (Nov 22 2025)The Messaging-Layer Substrate HandoffProject Meridian + Synchronisation Operator (BIS + BoE)The Ledger-Agnostic Atomic Settlement ArchitectureDTCC Project Ion + R3 CordaThe Apex Entity Absorbing DLT DomesticallyRipple Labs / XRPL / On-Demand LiquidityThe Permissioned-Consensus Bridge ArchitectureRLUSD + Ripple National Trust BankStructural Absorption Into Federal Banking PerimetGENIUS Act + FinCEN/OFAC Implementing NPRMThe Privatized CBDC Regulatory PerimeterSEC v. Ripple Labs — Judge Torres + Bifurcated HoweyThe Bureaucratic-Friction Litigation, Not ChoreogrAtkins SEC + Project Crypto + March 17 2026 Interpretive ReleaseThe Doctrinal Pivot — Enforcement to Policy-Drafti