Senate Clarity Act Markup Set for Thursday as Banking Lobby Mounts Last-Minute Fight to Kill Stablecoin Yields

The Senate Banking Committee is scheduled to mark up the Clarity Act this Thursday — the most significant piece of crypto market structure legislation ever to reach this stage in the US. The White House has publicly backed a July 4th passage target, and the confirmation of Kevin Warsh as a pro-Bitcoin Fed chair is advancing through the Senate in parallel, with a final vote potentially landing as early as Wednesday.

The American Bankers Association fired a Sunday-night alert to bank CEOs nationwide, urging immediate lobbying pressure on senators to block the markup. The ABA's stated concern: the bill's current language would allow crypto companies like Coinbase and Circle to offer yield-bearing stablecoins, pulling deposits away from banks. Critics argue the ABA is simply protecting decades of near-zero deposit rates and record bank profits.

Elsewhere in the week's crypto pipeline:…

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