The Senate’s teeing up of the Clarity Act has reignited a fight between banks and the cryptocurrency industry over whether a certain class of digital assets can pay out a yield to customers.

A coalition of thousands of local independent and community banks across the country is lobbying to continue chipping away support for the latest iteration of the bill over its treatment of stablecoin rewards. Already, at least two lawmakers are warning they would vote against the measure without changes, while at least half a dozen have expressed concerns.

At the heart of the dispute is whether crypto platforms …