Overview
- The Senate Banking Committee, which posted its notice Friday, plans a Thursday 10:30 a.m. markup to take up the Digital Asset Market Clarity Act.
- The bill would set clear rules for digital assets by dividing oversight between the SEC and CFTC and defining when tokens count as securities or commodities.
- A bipartisan deal from Senators Thom Tillis and Angela Alsobrooks would bar yield on idle stablecoin reserves while allowing narrowly defined rewards tied to active use.
- Major banking trade groups urged edits in a May 8 letter, warning activity-based rewards could mimic deposit interest and pull funds from insured banks.
- Democrats are pressing for an ethics clause that restricts officials’ crypto profits, and any committee text must still be aligned with the Agriculture Committee version and earn 60 Senate votes to advance.