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US Senate Advances Crypto Regulation “Clarity Act”
U.S. senators are preparing to review the long-awaited regulatory framework for the cryptocurrency sector next week. The move could help end the legislative deadlock between digital asset companies and traditional banks.
The Senate Banking Committee has scheduled a working session on the “Clarity Act” for May 14 at 14:30 GMT.
If signed into law, the bill would clarify the jurisdiction of financial regulators over the rapidly growing crypto sector and define whether specific tokens should be classified as securities or commodities. According to industry participants, legal clarity is considered “existential” for the future of the crypto industry in the United States.
A key element of the bill is a compromise regarding dollar-pegged stablecoins.
Under an agreement reached by Senators Thom Tillis and Angela Alsobrooks, crypto companies would be prohibited from paying rewards on unused stablecoin balances due to their similarity to traditional bank deposits.
However, rewards tied to active usage — such as making payments — would still be permitted.
This provision has reportedly triggered “desperate attempts” by banking lobbyists to sway Republican supporters of the bill. Industry associations warn that the “loophole” allowing interest-like rewards on stablecoins could lead to an outflow of deposits from the insured banking system and threaten overall financial stability.
The crypto industry is pushing for the bill to pass within the next few months, ahead of the November midterm elections. Although the House of Representatives passed its own version of the “Clarity Act” back in July last year, the Senate must approve the legislation before the end of 2026 in order to send it to President Donald Trump for signature.
At present, the bill faces opposition from several Democrats, who argue that its anti-money laundering provisions are not strict enough and are calling for tougher restrictions on political officials profiting from cryptocurrency projects.
To secure final approval from President Donald Trump, who has pledged to become a “crypto president,” the law will require support from at least seven Democrats in the full Senate.
See also: "Bitcoin Mining Company Core Scientific Announces Bitcoin Sales"
