US Senate Banking Committee holds markup session for Clarity Act

The U.S. Senate Banking Committee is currently holding a markup session for the Clarity Act. The committee's 24 members—13 Republicans and 11 Democrats—are debating and voting on dozens of specific provisions, with a final vote to determine whether the bill advances to the full Senate floor. If passed by the committee, the Clarity Act will then need to be reconciled with the Senate Agriculture Committee regarding jurisdiction before a full Senate vote can occur. A previously released amendment to the bill includes proposals to partially allow stablecoin rewards while limiting deposit interest, protect DeFi developers, and clarify the federal jurisdictions of agencies like the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). Market observers have previously suggested that the bill's final passage could increase institutional capital inflows and spur growth in the ETF and tokenization markets.