Kevin Warsh, President Donald Trump's nominee to lead the Federal Reserve, was confirmed Wednesday as the central bank's new chair. He will succeed Jerome Powell.

The Clarity Act, a sweeping proposal to regulate the U.S. cryptocurrency market, returns to center stage ahead of a pivotal vote tomorrow in the Senate Banking Committee. After months of negotiations, industry participants say the latest text is materially stronger than the January version that drew heavy criticism. The 309-page draft, released Tuesday morning, is designed to balance the interests of the crypto industry and traditional finance. It would tighten rules around stablecoin yields and token issuance, while largely maintaining core protections for decentralized finance (DeFi), an area that has previously faced sharp pushback from the sector. The bill also includes a federal support program intended to encourage local housing production. That provision has helped win over Sen. John Kennedy, who had earlier been reluctant to back the legislation. Crypto leaders welcomed the updated language. Coinbase CEO Brian Armstrong, speaking in a video message shared from the Capitol, called the Clarity Act a "strong piece of legislation" that would benefit Americans. Chris Dixon, managing partner at a16z crypto, said the bill has "significantly improved compared to January." Support extends beyond crypto firms. AARP, one of the largest U.S. retirement-rights advocacy groups, backed the bill, citing provisions that regulate crypto kiosks and preserve state oversight powers as potential safeguards against fraud targeting older investors. Some major banks have also voiced support in private conversations, arguing that regulatory uncertainty currently constrains bank participation in digital assets and that the law would bring clearer rules for both the industry and financial institutions. Not all banks are aligned. Large banks, particularly those with sizable retail operations, as well as group banks, worry that rapid growth in stablecoins could undermine their business models. In a lobbying push led by the American Bankers Association, more than 8,000 letters have been sent to Senate offices since last Friday urging tighter limits on stablecoin products that pay interest or offer rewards. Those concerns are showing up in proposed changes to the bill. An amendment from Sens. Jack Reed and Tina Smith would further restrict crypto firms' ability to offer stablecoin rewards. Separately, proposals criticized by the DeFi Education Fund are said to weaken protections for DeFi developers and users. Sen. Elizabeth Warren, a prominent crypto critic, has filed more than 40 amendments. One would bar the Federal Reserve from offering crypto companies certain services it provides to banks. Warren has previously argued the Clarity Act could pose risks to national security and the financial system. With Republicans holding a committee majority, the most contentious Democratic amendments are widely viewed as unlikely to pass, though it remains unclear which items will ultimately be brought to a vote. *This is not investment advice. Related News: The Key Difference Between Ethereum and Solana—Which Has Become a Stalwart—Is Narrowing Continue Reading: Tomorrow Is a Day That Could Shape the Future of Cryptocurrencies: Here's What You Need to Know

Fidelity voiced support for the U.S. Senate moving forward on legislation to set market-structure rules for Bitcoin and other digital assets. In a statement, the firm praised the Senate Banking Committee for advancing the CLARITY Act, calling it a balanced framework that would provide statutory clarity for digital asset markets if enacted.

Kevin Warsh has been confirmed as Chair of the Federal Reserve following a Senate vote.

The U.S. Senate confirmed Kevin Warsh as Federal Reserve chair on the eve of a vote on the Clarity Act, setting up a pivotal week for crypto policy in Washington. Warsh, a former Fed governor and a well-known #Bitcoin supporter, is viewed by market participants as more receptive to digital assets than his predecessor.

The U.S. Senate has confirmed Kevin Warsh to serve as chair of the Federal Reserve, approving his nomination by a 54–45 vote.

Kevin Warsh, viewed by the market as supportive of cryptocurrencies, has been confirmed as the next chair of the Federal Reserve, replacing Jerome Powell.

U.S. senators have filed a set of amendments to the Clarity Act, addressing issues tied to decentralized finance (DeFi), the Trump family, and Jeffrey Epstein.

ME News reported that on May 14 (UTC+8), the U.S. Senate confirmed Waugh as Chair of the Federal Reserve in a 54-45 vote. The Senate had already approved Waugh on May 12 for a 14-year term as a Federal Reserve Governor. Following the chairmanship confirmation, Waugh is expected to take office after completing the required signing procedures at the White House, replacing current Chair Jerome Powell when his term ends on Friday, May 15. Powell is expected to remain on the Fed's Board of Governors. The vote was described as the most partisan confirmation in history, with only one Democrat—Senator John Fetterman of Pennsylvania—joining Republicans in support. (Jinshi) (Source: ODAILY)