The U.S. Senate Committee on Banking, Housing, and Urban Affairs has released the full 309-page text of the Clarity Act, covering stablecoin yields and DeFi protections.

The U.S. Senate Banking Committee has officially released the full text of the Clarity Act. This 309-page crypto market structure bill covers controversial provisions such as stablecoin yield restrictions, DeFi developer protections, and conflicts of interest. It will be voted on in the committee this week, marking a significant milestone for U.S. crypto regulation. (Previous coverage: Stablecoin yield war heats up! Banking industry groups lobby overnight, applying final pressure before Senate vote) (Background: U.S. GENIUS Act passes Senate! Overwhelming bipartisan support with a 68-30 vote) The full text of the latest version of the Clarity Act has finally been unveiled. The bill will be reviewed and voted on at the committee hearing this Thursday, marking a critical stage for U.S. crypto regulation. The U.S. Senate Banking Committee officially released the text early Tuesday morning. Committee Chairman and Republican Senator Tim Scott stated in an announcement: "This bill reflects the result of sincere and rigorous negotiations within the committee, providing the American people with the certainty, safeguards, and accountability they need. It puts consumers first, combats illicit financial activities, and ensures the future of finance remains in the U.S." One of the most closely watched provisions in the newly released draft is the restriction on stablecoin yields. The bill explicitly prohibits the payment of interest or yield "solely for holding payment stablecoins," as well as any yield model that is "economically or functionally equivalent to bank deposit interest." This provision follows months of lobbying—banking industry players have continued to apply pressure, warning that yield-bearing stablecoins could become substitutes for bank deposits, eroding the funding sources for mortgages and commercial loans. Coinbase CEO Brian Armstrong noted during a live stream on X on Monday: "Not everyone got what they wanted, but they got what they had to have." He stated that Coinbase is working with at least five of the world's largest banks, committed to helping them successfully integrate cryptocurrency businesses. Meanwhile, the American Bankers Association (ABA) intensified its lobbying of senators on the eve of the vote, demanding further tightening of the stablecoin yield provisions. A report released by Galaxy Research last week pointed out that stablecoin growth is primarily driven by offshore funds, noting that "a massive influx of foreign capital into U.S. banking infrastructure would substantially exceed the impact of any domestic deposit migration." The Decentralized Finance (DeFi) camp achieved a significant victory in this bill. The legislation retains core provisions consistent with the Blockchain Regulatory Certainty Act (BRCA), protecting software developers who do not directly control user funds from being classified as money transmitters. A spokesperson for the DeFi Education Fund stated: "We are encouraged by the recent direction of negotiations. Most importantly, key protections for developers and infrastructure providers—the BRCA and protections under the Exchange Act—have been included in this bill." The organization will closely monitor developments regarding amendments this week. The most sensitive conflict-of-interest provision was not included in the draft released today. This ethical rule, aimed at restricting government officials from profiting from the crypto industry, has become the biggest obstacle to bipartisan negotiations due to the vast cryptocurrency interests of U.S. President Trump. The provision does not fall under the jurisdiction of the Banking Committee and can only be added in later stages of the bill. White House cryptocurrency advisor Patrick Witt stated at Consensus Miami 2026 last week that the current negotiating position is to establish uniform rules that "apply to everyone from the President to new interns on Capitol Hill," while rejecting any provisions targeting specific positions or officials. Democratic leader on the committee Elizabeth Warren issued a harsh criticism upon the bill's release: "This bill puts investors, national security, and the entire financial system at risk, and will also fuel Trump's cryptocurrency corruption. The President and his family have earned at least $1.4 billion from crypto trades in just one year since taking office, yet this bill contains absolutely no provisions to prevent such situations." Senator Kirsten Gillibrand made it clear at Consensus Miami 2026 last week that Democrats would not allow the bill to pass without a conflict-of-interest provision. This ethical regulation is expected to be added in a subsequent stage after the committee passes the remainder of the bill. Punchbowl News reported that senators have reached a consensus to strengthen the enforcement powers of regulatory agencies within the Clarity Act, specifically allowing prosecutors to pursue cryptocurrency crimes in the area of money laundering. The White House aims to complete the legislation of the Clarity Act by July 4, while Gillibrand predicts it could be finished by the first week of August at the latest. However, even if the bill passes the Banking Committee, it must still be reconciled with a similar version previously passed by the Senate Agriculture Committee, resolve the conflict-of-interest dispute, and ultimately secure 60 votes in the full Senate. Last year, the GENIUS Act passed the Senate with an overwhelming 68-