A new US Senate investigation finds that Tether’s USDT has become central to Iran’s shadow banking network, used by sanctioned entities for cross-border payments and liquidity. The report details how USDT circulates through offshore exchanges, OTC desks and local intermediaries, and signals that stablecoin issuers may soon face tighter compliance obligations and enforcement actions.
The US Senate’s cloture vote on September 15 on the CLARITY Act failed to clear the 60-vote threshold needed for passage, marking a significant legislative setback for this key bill that the crypto industry had long awaited. The core obstacles to passage were the ethics controversy over President Trump’s family crypto wealth and the long-standing partisan divide over the regulatory boundary between the SEC and CFTC. The result will directly affect compliance expectations of US-based crypto firms, market structure choices of stablecoin issuers, and the pace at which major global economies borrow from each other’s crypto legislative paths.
The U.S. Senate Banking Committee voted to advance the Clarity Act, a landmark crypto market structure bill, sending it to a full Senate vote and marking a historic step for U.S. crypto regulation.
[Brief] Senate Banking Committee Sets Date for Crypto Legislation Vote The Senate Banking Committee has announced a hearing to amend and vote on sweeping crypto legislation, marking a second attempt to advance the bill. Meanwhile, a stablecoin compromise has revived legislative momentum despite lingering ethics disputes. Sources: TheBlock, CoinDesk
Republican Senator Thom Tillis ends his hold on the Fed chair nominee, paving the way for Kevin Warsh’s confirmation vote as the Justice Department drops its criminal probe of Powell.
North Carolina Republican Senator Thom Tillis announced he will no longer block Trump’s Federal Reserve chair nominee Kevin Warsh, clearing a critical hurdle for confirmation that could reshape US monetary policy.