Senate Banking prepares CLARITY Act markup after months of delays

The Senate Banking Committee is reportedly preparing to mark up the CLARITY Act, a significant piece of legislation aimed at establishing a federal framework for digital assets and clarifying regulatory oversight between the SEC and CFTC. This move, following months of delays, could inject new momentum into the bill, which previously passed the House with bipartisan support. Draft legislative text has been circulated to industry members, with final language expected to incorporate Democratic priorities. The CLARITY Act has faced hurdles, including a postponed discussion in January after Coinbase CEO Brian Armstrong withdrew support due to concerns over tokenized equities, DeFi, stablecoins, and regulatory authority. Negotiations have particularly focused on stablecoin yield language, with a recent compromise proposed by Senators Tillis and Alsobrooks restricting issuers from offering bank-like interest while permitting user-activity-tied rewards. Despite positive initial reactions to the latest draft, some bracketed sections suggest potential changes to previously settled provisions. The markup is just one step in a lengthy legislative process that would require passage through the full Senate and reconciliation with the House version, but the CLARITY Act remains a key focus for establishing a US crypto market structure.

(Source：Crypto Briefing)