The U.S. Senate Banking Committee is scheduled to hold a hearing on the CLARITY bill on May 14.

CoinFeed 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. However, banking groups still have objections to the compromise text, with several industry organizations, including the American Bankers Association, stating that "more work is needed."