The Senate Banking Committee will mark up the CLARITY Act Thursday after the largest U.S. banking trade groups formally rejected the stablecoin yield compromise.
Posted May 11, 2026 at 6:14 am EST.
The U.S. Senate Banking Committee will hold an executive session on Thursday, May 14 at 10:30 a.m. ET to consider the Digital Asset Market CLARITY Act of 2025, the market structure bill that has been stuck in committee since January.
The bill would establish a federal framework dividing oversight of digital assets between the SEC and the CFTC, defining when a token is a security versus a commodity. The House passed its version 294 to 134 in July 2025. The Senate Banking text must be reconciled with separate language from the Senate Agriculture Committee before any floor vote.
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The markup arrives under intense lobbying pressure. On May 9, the American Bankers Association, Bank Policy Institute, and Independent Community Bankers of America sent a joint letter to Chairman Tim Scott (R-SC) and Ranking Member Elizabeth Warren (D-MA) formally rejecting the compromise that Senators Thom Tillis and Angela Alsobrooks negotiated to break the stablecoin-yield impasse. The deal bans yield on passive stablecoin balances but permits activity-based rewards tied to payments and transfers. Banks argue even the narrower carve-out functions as an interest-bearing deposit substitute.
Scott has not signaled any delay. The committee, which the House passed its bill ahead of last summer, controls only part of the package: any approved text must still be merged with Senate Agriculture Committee language before reaching the floor. Senator Cynthia Lummis (R-WY) urged colleagues on X to advance the bill out of committee Thursday.
Other unresolved issues remain. Senator Kirsten Gillibrand and other Democrats are demanding an ethics provision barring senior officials from profiting off crypto, a sticking point aimed at the Trump family’s digital-asset ventures. The White House is targeting a July 4 signing. Polymarket odds on the bill becoming law in 2026 sat near 75% in recent days.
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