A major piece of cryptocurrency legislation is set for an important initial vote in the U.S. Senate on May 14.

The Senate Banking Committee will vote on wide-ranging crypto legislation in what is viewed as a blow to the traditional banking industry. 

Specifically, the Senate will vote on the Clarity Act, a bipartisan piece of legislation aimed at creating a comprehensive regulatory framework for cryptocurrencies and defining the jurisdiction of regulators.

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Banks have argued that the proposed legislation limiting when stablecoins can earn interest is still too similar to yield-bearing products such as their savings accounts.

U.S. financial…