PANews reported on May 12th, citing CoinDesk, that the U.S. Senate Banking Committee has released the latest version of the CLARITY Act, which aims to bring the crypto industry into a regulated financial system. The 309-page document includes provisions limiting stablecoin yields and retains legal protections for DeFi developers. The committee will hold a hearing and vote on the bill this Thursday.

Committee chairman Tim Scott stated that the bill "puts consumers first and combats illicit finance." Currently, ethics provisions are not included; Democrats are demanding content restricting officials from profiting from the crypto industry, while the White House opposes provisions targeting the president. The bill is expected to be finalized by July 4th or the first week of August.