Senate Banking Committee Releases CLARITY Act Text Ahead of Markup

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The Senate Banking Committee released the full CLARITY Act text before markup after senators locked in a Section 404 stablecoin compromise. Section 404 would bar stablecoin issuers and related service providers from offering yield that works like bank interest, while leaving activity-based rewards allowed. The next major hurdle is an ethics provision that Senator Kirsten Gillibrand said is needed for broader support.

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