The Senate Banking Committee is expected to finally hold a markup of the CLARITY Act, with formal notice possibly coming as soon as tomorrow. The long-awaited session follows months of stalled negotiations over stablecoin rewards and the fine print of the draft text.
Why the bill stalled
Negotiations around the CLARITY Act hit repeated snags. Two issues in particular kept the bill from moving forward: how to treat interest or rewards paid on stablecoins, and disagreements over the precise wording of the legislative text. Committee staff spent weeks trying to reconcile competing positions, but the sticking points proved tough to resolve. Now, with a markup notice potentially hours away, the logjam appears to have broken — at least temporarily.
What the bill does
The CLARITY Act is designed to create a federal regulatory framework for stablecoins. It aims to set reserve requirements, disclosure rules, and oversight responsibilities — filling a gap left by the current patchwork of state-level regimes. Supporters say the bill would provide legal certainty for issuers and protect consumers. Critics, however, have raised concerns that the framework could be too rigid or could preempt stronger state consumer protections.
What to watch next
If the committee posts the markup notice tomorrow, the actual session could come within days. The full Senate calendar is crowded, so any further delays would push the bill into a tighter window before the next recess. Lawmakers are also eyeing a broader crypto market structure bill, but the CLARITY Act is seen as the more urgent piece — stablecoins already circulate widely without clear federal rules.
Whether the markup actually happens on schedule depends on whether the remaining text disputes are truly settled. Staffers on both sides are still checking language. The next 24 hours will tell.
