Banks mount last-minute push as Senate prepares May 14 CLARITY Act markup over stablecoin rules

The Senate Banking Committee is scheduled to mark up the CLARITY Act on May 14, where senators will debate amendments and vote on whether to advance the bill to the full Senate; the measure — which the House passed 294–134 — expands to nine titles that include stablecoin oversight, bankruptcy protections, and clarified regulatory boundaries between the SEC and the CFTC ^[1].

American Bankers Association President and CEO Rob Nichols sent an urgent letter to bank CEOs warning that the current CLARITY Act does not adequately prevent crypto firms from offering interest-like rewards on payment stablecoins, and ABA leaders have launched a last-ditch campaign to block or rewrite parts of the bill ahead of the Senate markup ^{[2] [3]}.

Observers say the markup raises the stakes in a broader clash between banking groups and crypto proponents over how stablecoins should be regulated and who should oversee them; banks are mobilizing to influence the outcome while sponsors argue the bill clarifies market structure and consumer protections after the House vote ^{[4] [1]}.

The May 14 markup will determine whether the CLARITY Act, with its stablecoin, market-structure, and bankruptcy provisions, moves to the Senate floor; stakeholders on both sides are actively lobbying senators in the days leading up to the hearing ^{[1] [2] [3]}.