Senate Banking Committee schedules Crypto Clarity Act vote for May 14 — banks oppose, Coinbase backs compromise!

The Senate Banking Committee has set a May 14 vote at 10:30 AM EST on the Crypto Clarity Act, marking a significant procedural step toward establishing a federal stablecoin framework. The committee-level vote is not the final word — the bill could still be amended before reaching the full Senate floor — but the scheduling itself signals enough internal momentum to move forward.

The legislation faces a split reception. Banks are pushing back hard, arguing that stablecoin yield features could siphon deposits away from traditional savings accounts and undercut conventional lenders. On the other side, major crypto firms including Coinbase have swung to support the updated bill language following a compromise brokered by Senators Thom Tillis and Angela Alsobrooks.

Democratic support remains the key variable. Unresolved concerns about how elected officials can profit from digital assets…