The Senate Banking Committee will decide Thursday on a bill to legalize most U.S. crypto activity amid unresolved disputes over stablecoin yields and DeFi protections.
The Senate Banking Committee is scheduled to vote Thursday on the Clarity Act, a bill aimed at formally legalizing most cryptocurrency activities in the U.S. The legislation, a priority for the crypto industry for years, faces last-minute debates over stablecoin rewards, DeFi software protections, and political divisions within the committee.
Key disputes include a push by traditional banks to ban crypto firms like Coinbase from offering yield on stablecoins, which banks argue could disrupt their business models. The bill’s fate remains uncertain, with a partisan vote potentially complicating its passage before Congress adjourns ahead of November elections.
Crypto industry leaders have expressed cautious optimism about the bill’s prospects, though unresolved language could delay or derail its progress. The vote marks a critical step for regulatory clarity in the sector, which has sought federal oversight for half a decade.