Overview
- Senators Thom Tillis and Angela Alsobrooks released compromise text late last week that bans deposit‑like interest on stablecoins while allowing narrowly defined rewards tied to use of a platform.
- Coinbase and other crypto groups endorsed the draft and urged action, while major banking associations said the language “falls short” because balance‑based loyalty or membership perks could replicate yield.
- Banking Committee Chair Tim Scott said Monday the panel is working toward a May markup, and Ripple CEO Brad Garlinghouse warned the bill’s chances drop sharply if it slips beyond the next two weeks.
- The draft directs the SEC, CFTC, and Treasury to spell out which activity‑based rewards are permissible within a year of enactment, which investors say leaves uncertainty even as prediction‑market odds and crypto equities rose on the news.
- The CLARITY Act passed the House in 2025 and aims to set market‑structure rules and split SEC‑CFTC oversight, with next steps including a Banking Committee vote, 60 votes on the Senate floor, and reconciliation with other versions before the president can sign it.