The Information · White House · Donald Trump · US Senate · U.S. · CryptoSlate
On May 12, the Senate Banking Committee released updated text of the CLARITY Act ahead of a scheduled May 14
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The bill would establish new rules for digital asset intermediaries, define how certain network tokens are treated, expand the role of federal market regulators, and create a path for banks to offer crypto-related services.
Key facts
- On May 12, the Senate Banking Committee released updated text of the CLARITY Act ahead of a scheduled May 14 markup
- Still, several US lawmakers believe that the legislation could reach President Donald Trump's desk before July 4
- The bill would authorize $30 million per year for FinCEN for five years and allow the agency to pay salary premiums to recruit qualified personnel
- Canada’s stablecoin rules may slip to mid or late 2027 as Visa and Wealthsimple test USDC settlement ahead of the final framework
Summary
The Senate Banking Committee text limits passive stablecoin yield, preserves DeFi protections and leaves a Democratic ethics demand unresolved. On May 12, the Senate Banking Committee released updated text of the CLARITY Act ahead of a scheduled May 14 markup. It also preserves protections sought by decentralized finance developers and adds restrictions to prevent crypto platforms from offering deposit-like yield on payment stablecoin balances. The release moves the Senate effort from private negotiation into a public committee process.