US Senate Banking Committee Schedules Markup for CLARITY Act Amid Stablecoin Interest Compromise

The US Senate Banking Committee has taken a significant step towards regulating stablecoins with the scheduling of a markup session for the CLARITY Act on May 14.

After weeks of stalemate over interest payments, Senators Thom Tillis and Angela Alsobrooks brokered a compromise that preserves activity-based rewards for crypto exchanges while prohibiting deposit-based interest.

The CLARITY Act aims to establish clear federal rules for stablecoin issuers, including reserve requirements, disclosure standards, and consumer protections. The bill's provisions on interest and rewards directly affect how platforms can incentivize stablecoin use.