Overview
- The Senate Banking Committee voted 15–9 to advance the CLARITY Act in mid‑May, sending the bill toward a full Senate consideration but not guaranteeing a floor vote.
- The draft law would formalize a three‑category token framework that places payment stablecoins under bank‑style rules, investment‑contract tokens with the SEC, and sufficiently decentralized tokens with the CFTC.
- CLARITY would extend the GENIUS Act’s stablecoin limits—one‑to‑one backing with cash and short‑dated Treasuries, no lending or maturity transformation, and monthly attestations—while banning passive interestlike yields on payment stablecoins.
- Industry groups and major firms including Coinbase publicly urged speedy floor action and the White House signaled support, while critics including Senator Elizabeth Warren warned the bill could weaken anti‑money‑laundering protections and narrow DeFi oversight.
- The bill still must reconcile differences with the Senate Agriculture Committee text, win roughly 60 votes to overcome filibuster risk, gain House concurrence, and reach the President’s desk before it can become law.