U.S. Senate Banking Panel Sets May 14 Vote Hearing for Digital Asset "Clarity Act"

The U.S. Senate Banking Committee said it will hold a vote hearing on the Digital Asset Market Transparency Act, known as the "Clarity Act," at 10:30 a.m. on May 14. The legislation had been stuck amid disputes over provisions including stablecoin yield. Senators Thom Tillis and Angela Alsobrooks recently reached a compromise that would ban yields on static stablecoin reserves while permitting rewards for actively managed stablecoins. Industry groups including the American Bankers Association continue to raise concerns and have urged changes, but the committee's calendar points to continued momentum. Senator Kirsten Gillibrand has also called for adding an ethics provision that would bar senior government officials from profiting while overseeing regulation of the cryptocurrency industry. (Source: ODAILY)