Overview
- The Senate Banking Committee, which votes Thursday, will consider the CLARITY Act in its first Senate markup with more than 100 proposed amendments on the table.
- The bill’s key dispute is stablecoin rewards, with the draft blocking interest‑like yield on idle balances but allowing activity‑based perks, and bank lobbyists pressing to tighten the language after sending thousands of letters.
- Coinbase CEO Brian Armstrong now backs the updated text after earlier opposition to the rewards ban, calling the bill a workable compromise that could modernize payments.
- Democrats are pushing ethics rules tied to President Trump and his family’s crypto ventures, and backers must secure those votes to clear the Senate’s 60‑vote threshold.
- The legislation would set who regulates which tokens by dividing oversight between the SEC and CFTC, impose anti‑money‑laundering duties on exchanges, and protect software developers, though some amendments seek to roll back those protections.