PANews reported on May 9th that, according to CoinDesk, the U.S. Senate Banking Committee announced a hearing on the CLARITY bill will be held on May 14th (next Thursday) at 10:30 AM. The bill has been stalled since January due to issues such as stablecoin yields. Last month, Senators Thom Tillis and Angela Alsobrooks released a compromise text prohibiting crypto companies from offering yields on static stablecoin reserves, but allowing rewards for stablecoins participating in activities. This appears to have resolved one of the key issues hindering the bill's progress.

Banking groups remain critical of the compromise text, with several industry organizations, including the American Bankers Association, stating that "more work is needed." Senator Kirsten Gillibrand pointed out that the bill needs to include ethics provisions to prohibit senior government officials from profiting from regulating the crypto industry, but this issue is unlikely to be addressed in the Senate Banking Committee version of the bill.