The US Senate has scheduled a vote on the Digital Asset Market Clarity Act, a landmark crypto regulation bill, on May 14. The bill aims to establish clear jurisdictional boundaries for SEC and CFTC oversight, create a mature blockchain test, and build a formal stablecoin framework.
According to sources, the Banking Committee has circulated draft legislative text to select industry members, indicating that the text is close to final and leadership is confident enough to begin the formal markup process. The bill's advancement could provide much-needed clarity for developers and investors, who have been waiting years for a clear regulatory framework.
While banking trade organizations have expressed concerns about the stablecoin yield language in Section 404 of the CLARITY Act, their efforts appear to be having little impact on the bill's progress. A Senate aide described the pushback as 'pretty milquetoast,' and members are reportedly focused on wrapping up other issues in the bill.