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Crypto industry reacts after Clarity Act fails Senate vote
The Clarity Act fell short of 60 votes in the Senate. CoinDesk rounds up how crypto and banking leaders, including Matter Labs, are reading the outcome.
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Published Mar 10, 2026 · American Banker
Clinton alum Eugene Ludwig courts banks for stablecoin alternative
Banks seek stablecoin alternatives. Ex-Clinton regulator Eugene Ludwig's startup Cari builds tokenized deposit network offering faster payments with deposit insurance.
Cari, founded by Clinton-era banking regulator Eugene Ludwig, is building a network of tokenized deposits as a bank-friendly alternative to stablecoins. Banks are drawn to the model because it offers faster payments while retaining deposit insurance — and avoids the deposit-drain risk posed by fintech-dominated stablecoins. The main challenge ahead: convincing banks to join a shared network when many are already pursuing their own solutions, similar to hurdles faced by JPMorganChase's efforts.
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