CLARITY Act markup could come next week after stablecoin deal breakthrough
CryptoSlate
A compromise on stablecoin rewards in the CLARITY Act increases the likelihood of a Senate Banking Committee markup scheduled for mid-May.Summary
The CLARITY Act is moving toward a potential committee markup the week of May 11 following a breakthrough agreement on stablecoin rewards between Sens. Thom Tillis and Angela Alsobrooks. This compromise aims to prevent stablecoin rewards from functioning as bank deposit interest, a key concern for the banking industry. While major industry players like Coinbase have signaled support for the new language, traditional banking groups like the American Bankers Association remain opposed, pushing for stricter regulatory interpretations to prevent deposit flight. The timing of this markup is considered critical, as delays could push the legislation past the point where it can be passed during this congressional session.
(Source：CryptoSlate)