《CLARITY法案》今日进入关键审议，你该关注什么？ -> The **CLARITY Act** enters crucial review today, what should you pay attention to?
Original Title: The crypto industry's Clarity Act hits a critical juncture: Where things stand going into Senate markup
Original Author: Jack Kubinec, Fortune
Translator: Peggy
Editor's Note: On May 14, the U.S. Senate Banking Committee will hold a committee markup on the "Cryptocurrency Market Structure Act" at 10:30 a.m. ET (10:30 p.m. Beijing time). This is a crucial step in the legislative process, and if passed, the CLARITY Act will proceed to a full Senate vote.
The committee's official website indicates that this Executive Session is on the agenda; earlier, Senate Banking Committee Chair Tim Scott, Cynthia Lummis, and Thom Tillis released the latest version of the market structure bill text on May 12, stating that its aim is to provide "clear rules" for digital assets while protecting retail investors, combating illicit financial activities, and keeping financial innovation in the U.S.
This article from Fortune focuses on the political maneuvering on the eve of the Senate Banking Committee's consideration of the CLARITY Act. The most notable aspect is not whether the bill is "pro-crypto," but as it approaches passage, it exposes a triple tension in U.S. crypto regulation: first, whether stablecoin yields are truly payment incentives or surreptitious deposit competition; second, whether crypto market structure legislation is about investor protection or opening institutional channels for industry expansion; and third, given the deep involvement of the Trump family in the crypto business, whether market structure reform must simultaneously incorporate ethical constraints.
At present, the CLARITY Act still has a significant chance of reaching a full Senate vote, but its margin of error is narrowing. According to Fortune, Senate Banking Committee members have submitted over 130 amendments ahead of the markup, with Elizabeth Warren alone proposing 44; meanwhile, the banking industry is concerned that stablecoin reward mechanisms will drain bank deposits and has sent numerous opposition letters to Senate offices.
Although crucial swing Republican vote John Kennedy has indicated support, the prospects for the bill to advance to a full Senate vote remain relatively high. However, as the summer recess and midterm elections approach, the window for the CLARITY Act's passage is narrowing, with market predictions of its passage this year dropping to around 60%.
The following is the original text:
Senator Tim Scott (Republican of South Carolina) and Senator Elizabeth Warren (Democrat of Massachusetts) at the Senate Banking Committee meeting
The CLARITY Act is a landmark bill aimed at establishing a regulatory framework for the U.S. cryptocurrency industry. The bill is set to enter the Senate committee markup process starting on Thursday. The prospect of its passage has boosted investor sentiment, but there are still significant hurdles to clear before Congress can send the bill to President Trump's desk.
CLARITY stands for the Digital Asset Market Clarity Act. The bill passed the House last year but faced resistance in the Senate Banking Committee, with banks and stablecoin companies at odds over whether stablecoin reserves can earn interest and when those earnings can be paid out. Now, as senators prepare to introduce amendments, Democrats are pushing to include ethical constraints related to cryptocurrency business involving the Trump family.
A draft copy of proposed amendments reviewed by Fortune shows that ahead of Thursday's markup, Senate Banking Committee members have submitted over 130 proposed amendments, with Senator Elizabeth Warren alone submitting 44.
Some of the proposed amendments are minor, but others seek to advance the positions of opponents to the bill. These opponents include banking interests concerned that stablecoins may erode the bank deposit base and individuals worried about the ethical and national security risks associated with the expansion of the cryptocurrency industry.
"I think it will pass, based on the progress made in both chambers of Congress and the White House's support for the bill," said Steve Yelderman, General Counsel of the Ethereum-focused advocacy organization Etherealize, to Fortune. "That being said, this is Washington, so anything can happen."
Earlier this year, the CLARITY Act came close to entering the Senate Banking Committee markup, but Coinbase withdrew its support for the bill due to a proposed ban on stablecoin interest. Subsequently, Senator Thom Tillis (Republican of North Carolina) and Senator Angela Alsebrook (Democrat of Maryland) reached an agreement on the stablecoin yield issue, but banking lobbying groups are now complaining that the compromise is too favorable to stablecoin companies. It has been reported that members of the American Bankers Association have sent over 8,000 letters to Senate offices criticizing this yield compromise.
A Senate aide told Fortune that in tomorrow's markup hearing, Senate Banking Committee Chair Tim Scott (R-S.C.) is expected to emphasize protecting the “average American,” safeguarding national security, and keeping crypto innovation in the U.S. as key goals of the CLARITY Act. Another Senate aide indicated that Democrats are expected to focus on the ethical concerns raised by former President Trump’s various crypto entanglements.
“Democrats are increasingly concerned that if ethical provisions are not included in the bill version marked up by the Banking Committee, they may not be included later,” the staffer said. He added that Democrats are focused on addressing the issue of the Trump family profiting from cryptocurrency in the market structure legislation. This week, Republicans and Democrats have met multiple times to discuss how to incorporate ethical provisions into the CLARITY Act.
Currently, the bill still has a good chance of reaching a full Senate vote. Key Republicans who had reservations about the CLARITY Act in the Banking Committee, such as Senator John Kennedy of Louisiana, have indicated their support for the bill, according to Semafor. However, with summer recess approaching and the midterm elections looming, the margin for error on the CLARITY Act remains slim. Traders on Polymarket have become less optimistic about the bill's passage this week. The prediction market currently puts the probability of the bill passing this year at 60%.
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