Senate Banking Committee clears CLARITY Act

The Senate Banking Committee advanced the Digital Asset Market Clarity (CLARITY) Act by a 15-9 vote Thursday. The bill provides clear authorization for both federal credit unions and federally insured, state-chartered credit unions to participate in digital assets, and envisions a path for privately insured, state-chartered credit unions to have opportunities in the market.  

The committee made several improvements in the bill leading up to the markup to ensure the inclusion of credit unions in a new digital assets marketplace.

America’s Credit Unions wrote to the committee in advance of the markup, thanking them for their work and urging further restrictions on the payment of interest or yield on stablecoins.