The Senate Banking Committee today released the text of a market structure bill for digital assets that will serve as the basis for its vote on Thursday.
The Clarity Act will create a regulatory framework for cryptocurrencies and other digital assets, much like the Genius Act did for stablecoins when it was enacted into law last year. The American Bankers Association and others have urged senators to use the Clarity Act to close a loophole that allows digital asset service providers like exchanges to bypass the Genius Act’s ban on paying interest or yield on payment stablecoins. While lawmakers have floated a compromise on the issue, ABA said it does not adequately prevent crypto companies from offering interest-like rewards.
The committee will hold a markup hearing to consider amendments to the legislation and vote on whether to advance it to the full Senate. Committee Chairman Tim Scott (R-S.C.) is pressing committee members to pass the bill.
