The US Senate will review the Clarity Act, which aims to restrict interest payments on stablecoins.

According to CoinDesk, the US Senate is expected to conduct a line-by-line review of the Clarity Act on May 14. The draft bill proposes to prohibit stablecoin balances from earning interest, with violators facing a maximum fine of $5 million, and includes the US Treasury Department as a rule-making body alongside the SEC and CFTC. Despite significant market attention, the Bitcoin options market has not notably priced in event risk. Block Scholes data shows that short-term implied volatility for BTC options has fallen to around 30%, close to its yearly low.