Washington D.C. - The Senate Banking Committee is scheduled to vote tomorrow on the Digital Asset Market Clarity Act, a 309-page bill that would establish the first comprehensive regulatory framework for digital assets in the United States.
The legislation addresses how Bitcoin is classified under federal law and whether platforms like Coinbase can continue offering staking rewards. A key provision, Section 404, bans stablecoin issuers from paying interest that mimics traditional bank deposits but permits so-called 'activity-based rewards'-a carve-out that preserves Coinbase’s staking model.
Major banking groups, including the American Bankers Association and the Bank Policy Institute, oppose the measure, arguing that yield-like offerings could draw deposits away from traditional banks. Coinbase CEO Brian Armstrong has publicly endorsed the bill, citing legal certainty for staking services.
On the other side, Senator Elizabeth Warren and progressive Democrats threaten to block the bill unless strict ethics provisions are added, citing potential conflicts of interest involving President Trump’s family crypto ventures.
With active amendments expected during the markup, the fragile compromise on stablecoin yield remains a flashpoint. The bill ultimately requires 60 votes to pass the Senate, and opposition from banking lobbies signals a tough road ahead.