CLARITY Act passes Senate committee 15-9, Visa stablecoin settlement hits $7B, Rain becomes Mastercard Principal Member
The Senate Banking Committee advanced the Digital Asset Market Clarity Act on May 14 by a 15-9 vote, with Democrats Ruben Gallego (AZ) and Angela Alsobrooks (MD) crossing the aisle. The bill explicitly preserves activity-based rewards — including crypto card cashback — while restricting passive stablecoin yield, drawing a legal line between 'earning by spending' and 'earning by holding.' For every crypto card offering spend-based rewards, this is the clearest US regulatory validation yet. Markets reacted immediately: Coinbase surged 9.1%, Robinhood jumped 6.2%, and MicroStrategy gained 8.2%. Bitcoin briefly spiked to $81,965 before retracing to $78,600 as bond yields and inflation fears offset the regulatory tailwind. The bill still faces a full Senate floor vote, likely in June, and Senator Alsobrooks has flagged unresolved ethics provisions around lawmakers holding crypto assets as a potential blocker. But the committee vote itself sends a strong signal — crypto card rewards aren't going anywhere.
Visa's stablecoin settlement pilot reached a $7 billion annualized run rate, up 50% quarter-over-quarter. The network added five blockchains — Base, Polygon, Canton Network, Arc, and Tempo — bringing the total to nine alongside Ethereum, Solana, Avalanche, and Stellar. Visa now supports over 130 stablecoin-linked card programs across 50+ countries. This is the infrastructure story behind the crypto card boom. When stablecoin-funded cards process $600M per month and usage has surged 500% since September 2024, the settlement layer is doing the heavy lifting. Visa's bet is that stablecoins are a settlement technology, not a rival — and with $7B flowing through its pilot, the networks are absorbing crypto rather than being displaced by it.
Rain, the $1.95B stablecoin payments startup, became a Mastercard Principal Member — making it the first stablecoin infrastructure company with principal membership on both Visa and Mastercard. The status lets Rain issue credit and prepaid cards directly on the Mastercard network across 210+ countries, without relying on third-party issuers. Both networks are now exploring on-chain settlement with Rain. Rain already powers card infrastructure for several providers in our database. Dual-network membership means platforms building on Rain can now offer cardholders a choice of Visa or Mastercard, a competitive advantage when merchant acceptance varies by region. With stablecoin card spending doubling year-over-year and LATAM expected to see double-digit market share soon, Rain's expanded reach positions it as the default infrastructure layer for the next wave of crypto card launches.
Source: Fortune Related: Rain Card.
Market Context: The CLARITY Act committee vote is the headline, but the real story is the infrastructure maturing underneath. Visa's $7B stablecoin settlement pilot, Rain's dual-network membership, and 500% usage growth since 2024 all point in the same direction — crypto cards aren't an experiment anymore, they're a payment vertical. The regulatory picture is sharpening too: the US is drawing the line between spending rewards (legal) and passive yield (restricted), while MiCA and California's DFAL are about to enforce licensing on the same day. Providers who've been building compliantly are about to be rewarded; those who haven't are running out of runway.