Overview
- The Senate Banking Committee voted 15–9 to advance H.R. 3633, the Digital Asset Market CLARITY Act, with Senators Angela Alsobrooks and Ruben Gallego joining all committee Republicans to support the measure.
- The bill would draw clear jurisdictional lines between the SEC and the CFTC, create registration and disclosure duties for intermediaries, and fold anti‑fraud and anti‑money‑laundering rules into a statutory market structure.
- The text bars paying interestlike yields on payment stablecoins while permitting bona fide activity or transaction rewards and directs the SEC, CFTC and Treasury to issue joint rulemaking within one year to define permissible incentives.
- Major hurdles remain because the Banking version must be reconciled with the Agriculture Committee text, secure roughly 60 Senate votes for floor passage, clear the House and win the president’s signature before becoming law.
- Regulators and markets are already reacting with an NCUA proposed stablecoin rule and higher passage odds from analysts and traders, while national security and AML critics warn the draft leaves gaps that could be exploited and some industry leaders say delay risks firms moving offshore.