The U.S. Senate is preparing for a crucial vote in September on the CLARITY Act, legislation on the crypto market structure that would restrict rewards on stablecoin holdings. Banks are actively opposing crypto platforms that offer yield or interest-like incentives on stablecoins like USDC and USDT. The current bill language prohibits such rewards but allows certain activity-based incentives. Market data shows a slight decrease in the probability of the CLARITY Act being signed into law by 2026, with odds currently priced at 18.5%. Key figures including President Trump, Senate Banking Committee Chair Tim Scott, and White House Crypto Adviser David Sacks are closely watched for signals on the bill’s trajectory.
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