The US Senate Banking Committee is scheduled to hold a markup on the CLARITY Act on May 14, with stablecoin rewards provisions remaining a key point of contention. Banking groups are pressing for tighter limits while the White House has accused industry leaders of skipping earlier negotiations.
The markup will test whether a recent compromise on stablecoin yield can hold against renewed opposition from the American Bankers Association. The ABA has urged bank executives to contact senators, warning that the current language could still allow crypto firms to offer rewards resembling interest on deposits and draw funds away from traditional accounts.
