LIVE: Senate Banking Committee holds key hearing to advance Clarity Act

live Updated just now LIVE: Senate Banking Committee holds key hearing to advance Clarity Act The Senate Banking Committee will debate amendments before ultimately voting on the market structure legislation on Thursday. By Nikhilesh De Make preferred on Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Senators Tim Scott and Elizabeth Warren, the chairman and ranking member of the Senate Banking Committee. (Win McNamee/Getty Images) Here's the latest Hide The Senate Banking Committee is debating its long-awaited market structure bill, with the ultimate goal of voting on whether to advance the bill to the full Senate at the end of the hearing. While Thursday's markup hearing is just a step and not the end of the legislative process, it is a key one for the Clarity Act if the Clarity Act is to become law this year. Senators will debate and vote on dozens of amendments by the end of Thursday's hearing. just now · 2:00 PM Nikhilesh De Share Share this post Copy link X icon X (Twitter) LinkedIn Facebook Email Clarity Act's first markup The Senate Banking Committee is holding its markup hearing for the Digital Asset Market Clarity Act — more commonly known as just the Clarity Act — on Thursday, kicking off a key process for the long-awaited market structure bill. Over the course of Thursday's hearing, the 24 Senators on the committee will debate and vote on dozens of proposed amendments to the text released past midnight Tuesday morning. Ultimately, the lawmakers will vote on whether or not to advance the bill to the full Senate. The bill still has a lengthy journey to becoming a law; if the Banking Committee does advance the bill, it will have to be merged with the Senate Agriculture Committee version of the legislation, debated and voted on the Senate floor, reconciled with the House of Representatives' version of the bill and voted on in that chamber of Congress before it can go to the president's desk. Lawmakers are moving ahead with Thursday's vote after finding a compromise on stablecoin yield they found acceptable. Senators Thom Tillis (R-N.C.) and Angela Alsobrooks (D-Md.) negotiated the agreement, circulating text at the beginning of the month. Outstanding issues include whether the bill will ultimately include an ethics provision barring senior government officials from having business ties to the crypto industry. According to a survey commissioned by CoinDesk, 73% of Americans believe senior government officials should not have business ties to the industry, referring to senior officials at large. The impetus for including such a provision in the bill is President Donald Trump and his family's ties to World Liberty Financial and other cryptocurrency businesses. And while lawmakers have come to a compromise on stablecoin yield, the banking industry as a whole maintains that the stablecoin yield provisions are still too tilted toward the crypto industry. State bank organizations have filed letters to lawmakers, and bankers themselves have sent some 8,000 letters to Senators, a source familiar said. CoinDesk will be covering the hearing live as the lawmakers work through the hearing. Latest Crypto News 1 Why bitcoin’s recent climb to $80,000 might just be a temporary liquidity squeeze 16 minutes ago 2 CoinDesk 20 performance update: Bittensor (TAO) rises 1.7%, leading index higher 33 minutes ago 3 Turnkey raises $12.5 million in round backed by Circle Ventures and Sequoia Capital 1 hour ago 4 Stablecoin-powered neobank Fasset raises $51 million to expand across emerging markets 1 hour ago 5 BlackRock, Janus Henderson tokenized funds get instant redemptions with new $1 billion facility 1 hour ago 6 Coinbase backs Hyperliquid stablecoin push as DeFi trading volumes climb 1 hour ago 7 Strive’s SATA to become first U.S. listed security to pay daily cash dividends 2 hours ago 8 Bank of England ready to water down 'overly conservative' stablecoin proposals: FT 2 hours ago 9 Bitcoin’s recent $80,000 breakout was led by something other than U.S. spot buyers, data show 2 hours ago 10 Clarity Act markup leaves bitcoin unstirred 2 hours ago Latest Research Risk-On Returns: Binance Leads the Flows Pickup Why it matters : Majors are up 8.2% MTD and Binance is capturing 78% of CEX inflows. Stablecoin deposits are building dry powder while BTC outflows point to accumulation. This regime is currently trader-led. View Full Report More From Policy Bank of England ready to water down 'overly conservative' stablecoin proposals: FT UK parliament to probe Nigel Farage’s $6.8 million donation from crypto billionaire Clarity Act amendments would remake key parts of crypto bill but have doubtful future