The U.S. Senate Committee on Banking, Housing, and Urban Affairs will consider the CLARITY Act on May 14.

Techub News reports, according to Bitcoinist, the U.S. Senate Banking Committee is scheduled to hold a markup session on the CLARITY Act on May 14. The bill aims to clarify the classification criteria between securities and commodities for crypto tokens, and includes a compromise provision that prohibits paying rewards on idle stablecoin holdings.

This provision was brokered by Senators Thom Tillis and Angela Alsobrooks, aiming to prevent stablecoin issuers from offering incentives similar to bank deposit interest. The American Bankers Association has opposed this, arguing that it could undermine the stability of the banking system, and has called on its members to contact senators to demand amendments.