Author: Blockchain Knight

Despite some key U.S. legislators striving to submit the bill for presidential signature before July 4, the banking industry is still vigorously lobbying to kill the "CLARITY Act".

The bill has been stalled in the Senate for months, with the core disputes centered around provisions regarding stablecoins and profit rights of digital asset companies.

The recent bipartisan compromise has faced open resistance from the banking industry. The banking sector believes the draft threatens the foundation of local lending and could trigger a massive outflow of deposits.

However, supporters of the bill remain confident, and buoyed by expectations of support from Trump, Senate negotiators are holding up under pressure to pave the way for a crucial committee review in the week of May 11.

The crux of the controversy lies in how the CLARITY Act regulates "yield-bearing payment stablecoins". Five major industry groups, including the American Bankers Association and the Bank Policy Institute, have jointly criticized the flaws in Section 404 drafted by senators.

Banking representatives admit the policy goal of the draft is to prohibit direct payments of yields and interest, but point out that the current text still allows exchanges and intermediaries to provide benefits under terms like "membership rewards", as long as the calculation method is not exactly the same as traditional interest.

The banking alliance believes that allowing rewards based on holding duration, account balance, and other criteria essentially encourages users to keep stablecoins idle, which banks rely on to support community lending.

Their internal research warns that once yield-bearing stablecoin alternatives flood the market, funding for consumer, small business, and agricultural loans could decrease by 20%.

It is noteworthy that the divisions within the financial industry are intensifying. Large retail banks and community lending institutions continue to strongly oppose, while those without a large consumer deposit base show cautious acceptance of the current framework.

Faced with the deadlock, legislators have launched a counter-offensive. Senators insist the draft has gone through a tug-of-war, aiming to eliminate the threat of deposit outflows without stifling innovation. The text explicitly prohibits stablecoin rewards from functionally mimicking bank deposit interest, and the banking sector has been fully involved in negotiations.

The Senate's legislative push has entered a countdown, with the chair of the Senate Banking Committee confirming efforts to promote bipartisan cooperation in May to advance market structure legislation.

In the coming weeks, there will be strong pushes for committee review, aiming to submit the final bill to the president before the end of June.

Supporters warn that if it is not passed before the August recess, it could result in permanent capital outflows, effectively ceding the U.S. position in the digital asset space.

Despite the vigorous lobbying by the banking industry, market sentiment remains overall optimistic. Leaders of Ripple and Coinbase have recently publicly stated legislative expectations for a structural transformation.

Prediction markets show that the probability of the CLARITY Act becoming law by 2026 is over 60%. With the May 11 review approaching, it will soon be revealed whether the momentum of bipartisan cooperation can ultimately overcome entrenched fiscal resistance.

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