CLARITY Act markup could land week of May 11 after stablecoin rewards compromise.

Senate negotiators Thom Tillis and Angela Alsobrooks published compromise language on stablecoin rewards last week, raising expectations that the Senate Banking Committee could schedule a markup of the Digital Asset Market Clarity Act as soon as the week of May 11. Galaxy Digital's head of research Alex Thorn called the release of text a positive signal, noting that publishing the language makes a near-term committee vote more plausible even though the Banking Committee had not formally posted a markup date as of Monday.

The sticking point had been whether crypto companies could offer customers rewards tied to stablecoins. Banks argued such rewards function like deposit interest, diverting funds from regulated lenders; crypto firms countered that a blanket ban would entrench bank incumbents and restrict ordinary consumer incentives. The Tillis-Alsobrooks draft threads that needle with…