The Coordinated Control standard will allow mature tokens to escape the SEC’s legal siege.
Section 404 prohibits interest on stablecoins to prevent banking disintermediation in the US.
The United States Senate Banking Committee released the final draft of the CLARITY Act, under legislative registration number EHF26374. With this publication, the organization made 309 pages of legal architecture available to the public that reach the debate table just before the decisive voting process on May 14, 2026.
The document, in itself, is the map that it intends to draw the definitive dividing line between the domain of the Securities and Exchange Commission (SEC) and oversight of the Commodity Futures Trading Commission (CFTC) on digital assets, as had already happened through a historic agreement reported by CriptoNoticias last January.
The publication responds to a political and market urgency. This is because after years of regulation through litigationthe Senate is now attempting to take control of the narrative around the digital asset market.
Its objective is to replace the ambiguity of the courts with a statutory framework that gives financial institutions the firm ground they need to operate. It is, in essence, an attempt, apparently definitive, to codify the coexistence between the traditional system and the new economic rails.
In the center of the technical gear the “Coordinated Control” standard appears in the document. Under this concept, we seek to resolve the eternal dilemma that decentralization has represented for regulation.
Therefore, now if a network demonstrates that there is no entity with coordinated command power, its assets migrate from the category of securities or securities to that of digital products or commodities. The text also shields node developers and operators, clarifying that, without custody of funds, there is no responsibility for the money transmitter.
Traditional banking maintains its offensive
However, the biggest point of friction has been concentrated in Section 404. This part of the draft explicitly prohibits payment stablecoins from generating passive returns or interest for the user.
It is a significant concession to traditional banks, which seek to protect their deposits and avoid massive disintermediation. Although for the cryptoasset industry, it is a brake on competitiveness. After all, for regulators, It is a necessary safeguard against systemic risk in uninsured assets.
In any case, faced with the imminent approval of the Clarity Law, traditional banks launched a final offensive. Rob Nichols, president of the American Bankers Association (ABA), called for “immediate action” to close what he sees as loopholes in the rewards language.
Although the draft prohibits passive interest, as stated earlier in this note, bankers warn that the current exceptions would allow camouflaged payments linked to the balance. For the ABA, this is not just a technical detail, but a risk of “mass migration” of bank deposits towards stablecoins such as USDT or USDC, threatening the financial stability of the country.
This draft represents the strongest consensus yet reached on Capitol Hill, although clarity comes at a price in the form of increased oversight demands. The text recognizes the right to self-custody, but frames it in an environment of strict transparency. In any case, on May 14 we will know if these 309 pages manage to break the legislative silence to become the cornerstone of American regulation.