Overview
- The Senate Banking Committee scheduled a markup on the CLARITY Act, moving the crypto market‑structure bill toward a committee vote.
- The step follows a bipartisan Tillis–Alsobrooks deal that ended a fight over stablecoin yields by banning returns on idle reserves and allowing returns only when reserves are used in activities like lending.
- Banking trade groups, including the American Bankers Association and the Bank Policy Institute, asked for edits, saying the bill needs stronger consumer protections.
- Sen. Kirsten Gillibrand is pressing to add a ban on senior officials profiting from crypto, and that measure may not appear in the Banking Committee text.
- Even if the panel advances the bill, the Senate must merge it with the Agriculture Committee version before any floor action, and companies that offer passive “earn” products could need to rethink them under the yield limits.