Senate Banking Committee Unveils 309-Page Clarity Act Text
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- Senate Banking Committee released the 309-page Clarity Act text just after midnight Tuesday, with Chairman Tim Scott calling it a product of 'serious, good-faith work' ahead of a Thursday committee hearing
- The bill restricts stablecoin yield or interest payments to those 'economically or functionally equivalent to interest on a bank deposit,' reflecting months of industry lobbying — though bank lobbying groups are mounting a last-minute push to further limit rewards programs before the vote
- DeFi developers secured protections matching the Blockchain Regulatory Certainty Act, shielding non-custodial software developers from being classified as money transmitters, per the DeFi Education Fund
- The ethics provision barring officials from profiting off crypto is absent from the draft because it falls outside the banking panel's jurisdiction — Sen. Kirsten Gillibrand said Democrats won't let the bill move without it, while the White House rejects any language singling out a specific officeholder
- Sen. Elizabeth Warren released a statement attacking the bill, claiming Trump and his family 'raked in at least $1.4 billion in gains from crypto deals' in one year and that the legislation 'will turbocharge Donald Trump's crypto corruption'
- Coinbase CEO Brian Armstrong said on X that 'not everyone got everything they wanted, but they got the must-haves' on stablecoin rewards, adding the company is working with 'at least five of the largest global banks' to integrate crypto
- White House crypto adviser Patrick Witt said the administration's target is July 4 for passage, while a Punchbowl News report confirmed a Senate accord to add law-enforcement and money-laundering provisions to the bill
Why it matters: The text drop keeps the Clarity Act on a narrow path toward a committee vote and a White House goal of July 4 enactment, but the missing ethics provision is a hard Democratic precondition, meaning the bill still needs a deal that the banking panel alone can't deliver — with $1.4 billion in Trump-family crypto gains as the political flashpoint.
