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Senate Sets May 14 Markup for Crypto Market Structure Bill 📜📃📆

🔲 The Senate Banking Committee will hold a key markup hearing for the Digital Asset Market Clarity Act on Thursday, May 14 at 10:30 a.m., moving the bill forward after months in limbo.

➖ What’s in the Bill
▶️ Compromise on Yield: New text from Sens. Tillis & Alsobrooks bans yield on static stablecoin reserves but allows rewards for active use - resolving Coinbase’s main objection from Jan
▶️ Next Steps: Banking markup is major milestone, but bill still needs to be merged with Senate Agriculture Committee’s version before full Senate vote

➖ Pushback & Gaps
▶️ Bank Groups Push Back: ABA, BPI and others say more work needed to protect consumers while enabling innovation. They sent specific text edits Friday
▶️ Ethics Issue Unresolved: Sen. Kirsten Gillibrand wants ethics provision barring officials from profiting on crypto while regulating it. 73% of voters agree per CoinDesk poll. May not be in Banking version

➖ Why It Matters
Markup signals lawmakers ready to advance current text despite industry concerns. Bill aims to define crypto market structure and clarify SEC/CFTC roles.

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