Senate panel considers CLARITY Act as banking groups propose stablecoin yield changes
Major banking groups are pushing for stricter regulations on stablecoin yield rewards ahead of the Senate Banking Committee's upcoming CLARITY Act markup.Summary
The Senate Banking Committee is scheduled to mark up the CLARITY Act on May 14, 2026, amid pressure from banking industry groups. Organizations including the American Bankers Association, the Bank Policy Institute, and the Independent Community Bankers of America are demanding stricter language regarding stablecoin yield models, specifically targeting the compromise that currently allows rewards linked to transaction activity. The banking sector fears these 'activity-based' rewards could function as de facto interest, competing directly with bank deposits. As the Senate aims to finalize the bill before the May 21 recess to meet a target presidential signature date of July 4, the outcome of the upcoming markup will be critical in determining whether these proposed amendments will limit incentive programs for crypto users.
(Source：Crypto Briefing)