US Senate Banking Committee to hold markup for CLARITY Act on May 14

The U.S. Senate Banking Committee is scheduled to hold a markup session for the CLARITY Act at 2:30 p.m. UTC on May 14, CoinDesk reported. The bill, previously stalled by disagreements between the crypto and banking sectors over stablecoin interest, now moves forward following a compromise brokered by Senators Thom Tillis and Angela Alsobrooks. The agreement would preserve activity-based rewards, which are crucial for exchanges' stablecoin operations, while limiting interest based on deposit balances—a provision banks had warned could lead to deposit outflows. Although the banking industry has indicated that further amendments are needed, the committee's decision to schedule the markup suggests a determination to advance the legislation. Separately, some politicians are advocating for the inclusion of an ethics provision that would prohibit high-ranking public officials from profiting from the crypto industry. Following the markup, the CLARITY Act is expected to be merged with a bill from the Senate Agriculture Committee before proceeding to a full floor vote.