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Legislation is coming! Is the Stablecoin "Clarity Act"迎来 a historic moment? The hearing resumes on May 14!

The U.S. Senate Banking Committee announced that a markup hearing for the "Clarity Act" will be held at 10:30 a.m. on May 14!

This matter has been dragging on for over half a year. Since Coinbase CEO Brian Armstrong said, "Better no bill than a bad bill," this bill has been teetering on the brink of life and death.

The restart is now possible because a compromise text has been released.

Stablecoin Yield Compromise Terms

The core of the compromise was finalized by Senators Thom Tillis and Angela Alsobrooks on May 2. The main logic is very clear: prohibit paying yields on static stablecoin reserves but allow activity-based rewards.

What’s the difference between the two?

Static stablecoin reserves: USDT, USDC that you keep in your wallet without moving, earning interest just by holding — not allowed.

The wording in the compromise text states that it is prohibited to pay interest, yields, or other compensation on stablecoin balances when such compensation is economically or functionally equivalent to interest on a deposit account at a financial institution.

Activity-based rewards: refer to participation in governance, liquidity provision, staking, and protocol operations — these can earn interest compensation. The key is the functional equivalence test: if structurally it’s like bank deposit interest, it’s a violation; if you are genuinely using a service to do something valuable, it’s compliant.

This distinction addresses concerns from the banking industry that stablecoin companies might use deposit interest subsidies to attract deposits, creating unfair competition. The compromise text is aimed precisely at this issue.

But the crypto industry can accept it because stablecoins used in real DeFi applications and payment scenarios are unaffected.

After the compromise text was released, Coinbase’s attitude also shifted. Chief Policy Officer Faryar Shirzad called it a major breakthrough. Senator Cynthia Lummis also expressed support, urging the bill to pass the Senate Banking Committee.

Political Games Under the Shadow of Trump

Senator Kirsten Gillibrand proposed another requirement: add an ethics clause prohibiting senior government officials from profiting from the crypto industry while regulating it.

The background of this clause is not hard to guess. Washington’s revolving door has never been a secret, especially in the crypto industry. A poll by Public Opinion Strategies of 1,000 registered voters showed that 73% oppose senior government officials holding crypto-related business interests.

This number indicates not just a conflict of interest, but that such conflicts are already public and well-known to voters. Gillibrand has already stated: without this clause, she will not support the bill.

The same survey shows that 62% of respondents distrust the Trump administration’s regulation of the crypto industry. This is closely related to the Trump family’s involvement in crypto asset businesses.

May 14 "Clarity Act" Hearing

Interestingly, this hearing is not a regular hearing but a markup — a committee markup procedure. This means that lawmakers are not just discussing but are moving toward a substantive voting stage.

Of course, after the markup, the bill text may undergo further revisions. The Senate still needs to merge the versions from the Banking Committee and the Agriculture Committee before submitting it for a full Senate vote. To pass, it needs at least 60 votes and bipartisan support.

The timeline is set for May 14, before the August recess.

Crypto Industry’s Shift from Enthusiasm to Pragmatism

The crypto industry’s expectations for this hearing have indeed lowered significantly. In 2025, the market was almost universally focused on the stablecoin bill. Now, the general attitude is: if it passes, great; if not, we keep waiting.

After the compromise text was released, Coinbase’s attitude also shifted. Chief Legal Officer Paul Grewal posted on X, "It’s on like Donkey Kong," a clear sign of their stance.

This change in mindset indicates that the industry is maturing, no longer expecting to solve all issues at once, and accepting regulation as an ongoing evolution.