CLARITY Act moves, hearing set
Congress has scheduled a tokenization hearing for March 25 as the CLARITY Act — which would cap passive stablecoin yields and tighten custody/reporting rules — reached agreement in principle in the Senate. The bill and the hearing signal that statutory rules, not just agency guidance, could reshape stablecoin yield products and tokenized instruments. (coinpedia.org) (livebitcoinnews.com)
Senators Thom Tillis (R‑N.C.) and Angela Alsobrooks (D‑Md.) confirmed they reached an agreement in principle on stablecoin‑yield language that had stalled the CLARITY Act, according to Politico’s Capitol Hill reporting. (politico.com) White House officials reportedly joined negotiations and circulated revised legislative text to Senator Tillis’s office as part of the talks to resolve the bank–crypto dispute over yield provisions. (coinalertnews.com) Senate Crypto Subcommittee chair Sen. Cynthia Lummis said the Senate Banking Committee is targeting a markup in April after the congressional recess, signalling the CLARITY Act could move to formal committee action next month. (coindesk.com) The House Financial Services Committee has scheduled a tokenization hearing titled “Tokenization and the Future of Securities: Modernizing Our Capital Markets” in Rayburn Building room 2128 with a livestream available on the committee site. (financialservices.house.gov) The American Bankers Association led a coordinated campaign — including a joint letter from 52 state bankers associations — urging Congress to statutorily prohibit payment‑stablecoin issuers and affiliated platforms from offering yield or rewards. (aba.com) Major exchange Coinbase publicly withdrew its support for the CLARITY Act after the Senate draft changes, with CEO Brian Armstrong saying the revised text “can’t support” the bill as written, per Cointelegraph reporting. (cointelegraph.com) Senate negotiators’ draft language reportedly separates passive yields on held stablecoins from activity‑based rewards tied to transactions, while some committee members and bankers have proposed tying permissible incentives to transaction volume rather than idle balances. (coindesk.com)
