Crypto isn't the problem with the US economy, says senator
Cody Carbone, CEO of The Digital Chamber, testified before the Senate Banking Committee that crypto could improve U.S. affordability by enabling faster, cheaper transactions, adding pressure to payment systems, and lowering barriers to owning and transferring assets. Lawmakers mostly ignored the crypto pitch, with only Senators Tim Banks and John Kennedy engaging directly. Banks asked about remittance costs versus dollar-backed stablecoins, while Kennedy brushed off the idea that cryptocurrency is a solution to broader economic problems. Carbone’s testimony came as the Senate weighs the Digital Asset Market Clarity (CLARITY) Act, which the banking committee advanced in May. The bill is expected to reach the Senate floor soon, but ethics concerns and objections from other interest groups are complicating its path. Some lawmakers still expect a vote before the August recess, though no floor vote was scheduled.
