CLARITY Act Front & Center

Research evidence excerpt

CLARITY Act Front & Center

Financials | Regional Banks

May 14, 2026

John Pancari CLARITY Act Front & Center

212 497 0861

john.pancari@evercoreisi.com Senate markup of CLARITY Act underway; stablecoin yield front &

Girard Sweeney center. The CLARITY Act – which provides a regulatory framework

646 551 8503 around cryptocurrencies & digital assets/stablecoin – entered the

girard.sweeney@evercoreisi.com Senate Banking Committee markup phase this morning. While updates

Russ Anderson are coming in live, we wanted to provide a quick one-page look at

212-497-0887 what’s on the table. Most relevant to banks is the potential regulatory

Russ.Anderson@evercoreisi.com pathway for stablecoin issuers and exchanges to offer rewards on

stablecoin balances - potentially posing L/T risk of bank deposit

disintermediation. While language exists that is aimed at limiting

stablecoin providers from paying yield on balances (other than

transaction-based rewards), the bank lobby’s view is that it may not go

far enough. Bottom Line: While the markup is underway and we expect

updates through the day, the initial view of our DC experts (Matt Aks -

EVR ISI Global Policy and Politics) heading into the markup is that the

Act could clear committee and make its way to the Senate floor without

meaningful revision to existing language. It is also their view that the

amendments proposed to cap credit card APRs are unlikely to make it

through despite a repeated effort by Senator Warren and others.

Evercore ISI CLARITY Act Webinar 3:30 EST TODAY… As a

reminder, we are hosting a webinar today at 3:30pm ET to review the

markup sessions and implications for potential path forward (contact

your salesperson to register). More details on the current status and

likelihood of passage follow.