"A committee markup vote is scheduled for May 14, the most concrete legislative step yet toward establishing formal crypto market structure rules in the U.S. The bill draws a legal boundary between two federal agencies that have clashed over crypto oversight for years. If passed, the Securities and Exchange Commission (SEC) would govern new token sales and initial offerings, while the Commodity Futures Trading Commission (CFTC) would regulate secondary market trading, the activity that occurs on exchanges once a token has already launched."
"This framework is designed to replace what the industry has long described as the SEC's regulation-by-enforcement model with a clear statutory playbook that crypto businesses can actually plan around. Passage on May 14 would send the CLARITY Act to a full Senate floor vote before end of 2026. The bill assigns SEC authority over new token sales and CFTC control over all secondary trading."
"A key addition to the updated draft is a stablecoin yield compromise co-authored by Senators Thom Tillis and Angela Alsobrooks. The deal prohibits yield on stablecoins that functions like a bank deposit rate but preserves room for what the bill terms bona fide activities. Coinbase and Circle both publicly backed the compromise, joining more than 100 crypto firms in a joint letter urging the Senate Banking Committee to push the bill forward."
"The updated bill also establishes cybersecurity and compliance standards for centralized intermediaries that interact with decentralized finance ( DeFi) protocols, while explicitly prote"
A revised 309-page CLARITY Act draft advances toward a May 14 Senate Banking Committee markup vote. The bill would formalize crypto market structure by assigning SEC authority over new token sales and initial offerings, and CFTC authority over secondary market trading on exchanges after tokens launch. The framework aims to replace regulation-by-enforcement with a clearer statutory playbook for crypto businesses. The updated draft adds a stablecoin yield compromise that bans yield resembling bank deposit rates while allowing bona fide activities. It also sets cybersecurity and compliance standards for centralized intermediaries interacting with DeFi protocols, and it seeks to move the bill to a full Senate floor vote before the end of 2026 if approved.
Read at news.bitcoin.com
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