“NCOFCU appreciates the Senate Banking Committee’s continued work during next week’s markup hearing to establish a clear and responsible regulatory framework for digital assets,” said the National Council of Fire Fighter Credit Unions (NCOFCU) leadership. “As lawmakers consider this legislation, it is essential that first responder credit unions are recognized as a vital part of the financial services ecosystem and are not overlooked in the evolving digital asset landscape. Credit unions serving police, fire, EMS, and other emergency personnel must have equitable access to innovation, regulatory clarity, and the tools necessary to continue supporting the financial readiness and resilience of America’s first responders.”
Grant Sheehan CEO
WASHINGTON—The Senate Banking Committee will vote on the long-awaited CLARITY Act this Thursday, Committee Chairman Tim Scott (R-SC) announced Friday.
Tim Scott
The announcement marks a potentially major step forward for legislation that would establish a formal regulatory framework for digital assets in the United States.
The vote is scheduled for 10:30 E.T.
The landmark cryptocurrency bill that would overhaul how digital assets are regulated.
As CUToday.info reported, the House previously passed the CLARITY Act in July 2025 on a bipartisan 294-134 vote, but Senate consideration stalled for months amid disputes tied largely to stablecoin yield provisions.
As CUToday.info also reported, two Senate Banking Committee members have circulated compromise language on stablecoin interest and rewards, a move that appears to remove a major obstacle.
The language from Sens. Thom Tillis (R-NC) and Angela Alsobrooks (D-MD) would bar stablecoin rewards that are “economically or functionally equivalent” to interest paid on bank deposits.
John McKechnie
Financial institutions and banking trade groups, however, still are not fully satisfied with how the legislation handles stablecoin yield issues.
“Between CLARITY now and GENIUS last year, it feels like some history is being made for credit unions and other institutions and frankly, for the consumer too,” said Washington Credit Union advocate John McKechnie. “Digital finance is the future, no question. Credit unions should look for any and every opportunity to shape this CLARITY legislation and maybe get some regulatory relief if possible. There aren’t going to be many more trains leaving the station between now and the end of the 119th Congress.”
The Defense Credit Union Council offered its perspective.
“DCUC appreciates the Senate Banking Committee’s continued work during next week’s markup hearing to establish a clear regulatory framework for digital assets,” said Defense Credit Union Council Chief Advocacy Officer Jason Stverak. “As lawmakers consider this legislation, it is critical that credit unions are not treated as an afterthought in the financial services ecosystem. Any final package must ensure true parity between credit unions and banks when it comes to digital asset activities, custody authority, payments modernization, and the ability to responsibly provide innovative financial services to members.
Jason Stverak
“Defense credit unions serve millions of servicemembers, veterans, and military families who increasingly expect secure, modern payment and digital financial tools. Credit unions should have the same opportunity as banks to participate in the evolving digital asset marketplace under appropriate oversight from the NCUA,” continued Stverak. “Congress cannot allow a framework to emerge that advantages Wall Street institutions while limiting cooperative financial institutions that have consistently demonstrated a member-first mission and strong safety and soundness standards.”
At the same time, DCUC urged lawmakers to keep unrelated interchange mandates out of this legislation.
“The Marshall–Durbin Credit Card Competition Act has nothing to do with digital assets or stablecoin regulation, and attaching it to this markup or any final package would be a serious mistake,” Stverak said. “Expanding government price controls into the credit card market would undermine fraud prevention investments, weaken the security and reliability of the payments system, reduce access to affordable credit, and disproportionately harm smaller financial institutions and the military communities they serve.
Stverak said DCUC encourages the Committee to advance a “focused and balanced bill that promotes innovation, protects consumers, preserves payment system security, and ensures credit unions receive equal treatment alongside banks as Congress develops the next generation of financial services policy.”
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