Bankers are scrambling as Senate schedules CLARITY Act markup for May 14
The Senate Banking Committee has scheduled a May 14 markup for the CLARITY Act, intensifying lobbying efforts from both banking and crypto industry sectors.Summary
The Senate Banking Committee is set to hold a markup session for the CLARITY Act on May 14, marking a significant step in the legislative process for digital-asset market regulation. The bill aims to establish a comprehensive federal framework for token classification and agency oversight. A central point of contention remains a compromise regarding stablecoin incentives, which banking groups fear could function as interest-bearing accounts, threatening traditional deposits. Conversely, crypto firms argue that these incentives are essential for competition. Additionally, ongoing debates over ethics provisions for regulators add further complexity as the committee prepares to bring the legislation into the public amendment process.
(Source：CryptoSlate)