The U.S. Senate Banking Committee is scheduled to review and vote on the Digital Asset Market Clarity Act of 2025 on May 14 at 10:30 a.m. ET. According to crypto journalist Eleanor Terrett, lawmakers will also consider amendments before merging the committee's version with the Senate Agriculture Committee's section ahead of a full floor vote.
Stablecoin Yield Dispute Lingers
The markup hearing follows months of delays rooted in disagreements over stablecoin yield provisions. Earlier this year, Coinbase CEO Brian Armstrong said the exchange would withdraw support for the legislation over concerns tied to yield and other sections. Senators Thom Tillis and Angela Alsobrooks then introduced compromise language that would prohibit crypto firms from offering yield on static stablecoin reserves while still permitting rewards linked to certain activities.
Despite that compromise, several banking trade associations pushed back last week. The American Bankers Association, Bank Policy Institute, Independent Community Bankers of America, National Bankers Association, Financial Services Forum, and Consumer Bankers Association submitted recommendations seeking further edits. Terrett reported that these groups argued the current language still leaves room for programs resembling stablecoin yield products.
Lobbying Soft, Ethics Provisions Uncertain
A Senate aide described the banking industry's latest lobbying effort as "pretty milquetoast," according to Terrett. The aide added that lawmakers have shifted focus toward unresolved ethics provisions tied to the legislation. Senator Kirsten Gillibrand recently said the bill should block senior government officials from profiting from the crypto industry while regulating it. Her office later referenced polling showing most registered voters support restrictions on government financial ties to crypto firms. However, the Senate Banking Committee may not include those ethics provisions in its current markup version.
Next Steps in the Legislative Pipeline
The committee vote marks the next step for the long-delayed crypto market structure legislation. After committee approval, lawmakers must merge the Banking Committee text with the Senate Agriculture Committee's version before sending the final package to the Senate floor. Notably, the full updated bill text had not been released publicly before the scheduled markup hearing.