Welcome to the Monday edition of the Crypto In America newsletter!

What you’ll read: Former CFTC Chair Chris Giancarlo is leaving full-time law to go all in on crypto; the Senate is back with the Clarity Act in the spotlight; and bankers respond to the White House stablecoin report. Plus, our usual slate of what to watch this week.

Former CFTC Chairman Chris Giancarlo is stepping down from his role as Senior Counsel at white-shoe law firm Willkie Farr & Gallagher to focus full-time on digital assets and AI, Crypto In America has learned.

Giancarlo, who many in the industry call “Crypto Dad,” says he is retiring from practicing law at the end of April to focus on strategic advisory work, private investing, research and writing on public policy issues relating to crypto, and philanthropic initiatives.

At Willkie, Giancarlo advised digital asset firms on regulatory strategy and helped build the firm’s crypto-focused legal practice.

“After six years building Willkie Digital Works, I’ve decided to head out on an exciting new road toward the crypto future of finance,” Giancarlo told Crypto In America. “I look forward to continuing to assist digital asset innovators in building the crypto architecture of 21st Century finance. There has never been a more promising time in America than now.”

Giancarlo will also be promoting his upcoming book, “The New Adventures of CryptoDad: The Quest for Financial Freedom in the 21st Century,” set for release in October. The book chronicles the evolution of the crypto industry through the 2024 presidential election, the first year of the second Trump administration, and the broader shift toward an “Internet of Value.”

In addition to more regular performances with his band, Crypto Kings, Giancarlo said he’ll share more details on new projects and initiatives in the coming months.

👀 What To Watch This Week

white concrete building under cloudy sky during daytime — Photo by Harold Mendoza on Unsplash

Monday

The Senate is back in session, and all eyes are on the Banking Committee to notice a markup for the Clarity Act. In the past, markups have been noticed the week prior, so if Chairman Tim Scott (R-SC) and Republican leadership are targeting the week of the 20th, we could see a notice as soon as this week. If the markup slips to the final week of April, a notice would likely come next week instead.

Additionally, ears are to the ground for any statements from Thom Tillis (R-NC) and Angela Alsobrooks (D-MD) on the final stablecoin yield compromise. White House Crypto Council Executive Director Patrick Witt told Crypto In America on Friday that a compromise has been reached and that he is confident the various parties will stand by it.

“We’ll know we got it right when both sides are equally unhappy…and I think we probably arrived at that place,” Witt said. It remains unclear whether the text will be released publicly ahead of the markup.

Witt also said he believed lingering issues around DeFi, tokenization and ethics could be resolved in the days ahead.

Elsewhere ….

11:00 a.m.: The Solana Policy Institute will kick off its “Washington x Wall Street” event in Brooklyn, featuring speakers such as White House Crypto Council Executive Director Patrick Witt, Congressman William Timmons (R-SC), former Virginia Governor Terry McAuliffe, Anthony Scaramucci, founder and managing partner of SkyBridge Capital, and others.

Crypto In America will host a live, on-stage podcast episode with Lily Liu, president of the Solana Foundation, at 2:20 p.m.

Comment period closes for the National Credit Union Administration’s proposed rule on permitted payment stablecoin issuer applications.

Tuesday

The House is back in session.

JPMorgan and BlackRock report quarterly results before markets open.

8:15 a.m.: Treasury Secretary Scott Bessent speaks at the Institute of International Finance.

8:30 a.m.: We’ll get a read on inflation when the Bureau of Labor Statistics releases the March Producer Price Index (PPI).

2:00 p.m.: Brookings Institute hosts an event on prediction markets featuring a discussion with Senator Jeff Merkley (D-OR).

Wednesday

~~Happy~~ Tax Day!

Morgan Stanley reports quarterly results before the opening bell.

10:15 a.m.: The House Budget Committee holds a hearing with Office of Management and Budget Director Russ Vought.

2:00 p.m.: The Fed publishes its latest Beige Book, giving a snapshot of economic conditions across the country ahead of its next policy meeting.

Thursday

10:00 a.m.: CFTC Chairman Michael Selig is set to testify in front of the House Agriculture Committee.

Vought will testify before the Senate Budget Committee.

The House Financial Services Subcommittee on Financial Institutions will hold a hearing entitled, “Promoting Access to Credit for Everyday Americans”

Friday

Bank of New York (BNY) reports quarterly results before the opening bell.

2:00 p.m.: Fed Governor Christopher Waller discusses the economic outlook at Auburn University.

Banks Respond to White House Stablecoin Report

The American Bankers Association is pushing back on the White House’s stablecoin report, arguing that it understates the risks of allowing yield on payment stablecoins.

In a new blog post released Monday morning, the trade group representing banks of all sizes across the U.S. said the Council of Economic Advisers (CEA) is asking the wrong question by focusing on the impact of banning yield, rather than what happens if yield is allowed to scale.

The banks’ core concern here is that yield-bearing stablecoins could accelerate deposit flight, particularly from community banks, raising funding costs and reducing local lending.

While the CEA found that prohibiting yield would have a minimal impact on lending, the banks are arguing that the analysis is based on today’s relatively small stablecoin market, and doesn’t account for a scenario where the sector grows to $1 trillion to $2 trillion.

The banks are also pushing back on the idea that deposits would simply be “reshuffled” within the banking system, warning that even if total deposits remain stable, shifts away from smaller banks could reduce credit availability in local communities.

In response to the blog, White House Crypto Council Executive Director Patrick Witt told Crypto In America, “The degree to which banks are tilting at windmills over the issue of stablecoin rewards is enough to make Don Quixote blush.”

It’s unclear what impact, if any, the bankers’ view will have on the current state of the stablecoin compromise.

Tracking GENIUS Act Rulemaking: New Dashboard from Paradigm

Finding it tough to keep track of all the GENIUS Act rulemakings? So are we.

Paradigm just dropped a new dashboard tracking the 22 proposed rules across six federal agencies involved in the rulemaking process. It shows each rule’s stage, days since enactment and implementation timeline. Check it out here.

Weekend News Flash

condenser microphone with black background — Photo by Matt Botsford on Unsplash

ICYMI: The biggest headlines from Friday and the weekend.

In a spat on X, TRON founder Justin Sun accused World Liberty Financial of opaque governance and unfair token lockups, prompting a response from the Trump-backed platform: “see you in court.”
Tokens linked to President Trump took a nosedive over the weekend, with memecoin TRUMP down 91% and World Liberty Financial down 75% from highs.
Coinbase CEO Brian Armstrong said, “It’s time to pass the Clarity Act,” responding to an op-ed from Treasury Secretary Scott Bessent urging the same.
Circle responded to the Drift exploit, arguing that its ability to freeze funds is a legal obligation rather than a discretionary power. It also warned that gaps between fast-moving technology and slower legal frameworks are limiting the industry’s ability to respond to exploits.

Remember: New editions of the Crypto In America newsletter drop every Monday and Wednesday.

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Giancarlo Leaves Law Firm to Focus on Crypto…