Overview
- The Senate Banking Committee postponed its planned markup of the CLARITY market‑structure bill with no new date, and Chair Tim Scott said talks are continuing in good faith.
- The current draft bars paying interest for simply holding payment stablecoins while allowing limited activity‑based rewards, which remains the chief sticking point.
- Bank of America CEO Brian Moynihan warned that allowing yield on stablecoins could pull up to $6 trillion from bank deposits and raise borrowing costs for businesses.
- Coinbase withdrew support for the draft over stablecoin rewards, tokenized equities and DeFi language, while other industry groups including Ripple, a16z, Circle, Kraken and Coin Center urged lawmakers to keep the markup process moving.
- Additional flashpoints include how tokenized assets are treated, SEC–CFTC jurisdiction and DeFi rules, and stakeholders across the industry and government are seeking a compromise to revive the bill.