Overview
- The Senate Banking Committee, which set a May 14, 10:30 a.m. session on Friday, will take up the Digital Asset Market CLARITY Act in a public amendment and voting process.
- The bill would set clear rules for digital assets by defining when tokens are securities or commodities and by dividing oversight between the SEC and CFTC to replace case-by-case enforcement.
- A bipartisan compromise from Senators Thom Tillis and Angela Alsobrooks would bar passive, deposit‑like returns on stablecoin reserves while allowing rewards tied to active use, reopening the path to a vote.
- Major banking trade groups urged tighter language in a May 8 letter, warning that activity-based rewards could mimic interest, pull deposits from insured banks, and weaken lending to households and small businesses.
- Democrats are pressing for an ethics rule that bars senior officials from profiting from crypto, and any text that advances must later be reconciled with the Senate Agriculture version before a 60‑vote Senate floor test and potential White House action.