Senate Crypto Bill Under Fire: How Banking Lobbyists Are Fighting the CLARITY Act

The Senate crypto bill, which aims to bring much-needed regulatory clarity to the U.S. digital-asset market, has encountered one of Washington’s oldest power centers: the banking lobby.

The CLARITY Act cleared the Senate Banking Committee in May, but the Senate went on recess in August without voting on it. One particular provision has proven particularly contentious.

Banks have mounted a fierce lobbying campaign to stop crypto exchanges from being able to make rewards on stablecoin deposits. Read more: Congress Crypto Bill Delay: CLARITY Act Vote Pushed to September as 2026 Passage Hopes Fade What Is the Senate Crypto Bill Trying to Do?

The Senate crypto bill, or the CLARITY ACT, is set to create a federal market structure for digital assets.