Bitcoin Drops Amid US Job Surge

Senate Banking Committee Schedules CLARITY Act Markup Hearing

• The Senate Banking Committee will hold a markup hearing on the CLARITY Act on May 14, 2026.
• A bipartisan compromise was reached on May 2, resolving a stablecoin yield issue that had stalled the bill since January 2026.
• The compromise prohibits yields on idle stablecoin reserves but allows returns from active financial uses.
• Coinbase saw its stock rise by 9.5% following the announcement, reflecting positive market sentiment.
• The total crypto market is valued at approximately $2.6 trillion, with Bitcoin ETFs managing $98.6 billion in assets.

The Senate Banking Committee’s upcoming markup hearing for the CLARITY Act follows a pivotal stablecoin compromise, positively impacting companies like Coinbase with significant exposure to this sector.