CLARITY Act survives near-collapse after last-minute Senate compromise
The CLARITY Act narrowly advanced through the Senate Banking Committee following a bipartisan compromise involving seven amendments and new stablecoin yield restrictions.Summary
The CLARITY Act, also known as the Digital Asset Market Clarity Act, recently secured a 15-9 vote to pass out of the Senate Banking Committee after a last-minute bipartisan compromise. The bill, which aims to provide a comprehensive federal framework for crypto market structure and resolve regulatory overlaps between the SEC and the CFTC, required seven amendments to maintain enough support to proceed.
A key component of the revised legislation is a ban on passive yield generation for stablecoins, though activity-based rewards remain permissible. Despite the committee victory, the bill faces an uphill battle in the full Senate, particularly as Senator Mark Warner declined to support it. The opposition from banking lobbyists highlights the contentious nature of the bill, which faces a challenging 60-vote threshold to overcome potential filibusters in the future.
(Source：Crypto Briefing)