CLARITY Act Senate Banking Committee Stall (April 2026)
eventMoney & Finance · Crypto & Digital ID
Traditional banks stalled a crypto bill in Congress to stop stablecoins from luring away their customers' deposits.
Who they are
The April 2026 Senate Banking Committee delay of the CLARITY Act (which the House passed in 2025).
What they do
The bill's progress was held up over its provision letting stablecoins pay yield.
How it works
The delay came from traditional banking opposition, backed by a White House Council of Economic Advisers report warning that yield-bearing stablecoins would pull deposits out of commercial banks.
Why it matters
It shows the legacy banking system actively legislating to make sure any new digital-money bridge doesn't eat into its deposit base.
The engine's record — word for word
Senate Banking Committee markup delays of the CLARITY Act (House-passed 2025) caused by traditional banking opposition to the stablecoin yield provision. White House Council of Economic Advisers report cited concerns that yield-bearing stablecoins would cause commercial bank deposit displacement. The legacy fractional-reserve banking system is actively legislating to ensure that if a digital bridge is used, it does not cannibalize the deposit base.
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