Senate Banking Committee to Schedule CLARITY Act Markup in Late April

Senate Banking Committee Chair Tim Scott is expected to schedule a markup of the Digital Asset Market Clarity Act in late April 2025, following renewed optimism about resolving the contentious stablecoin yield provisions. Crypto and banking leaders reviewed revised compromise language on stablecoin rewards last week, with Coinbase Chief Legal Officer Paul Grewal expressing confidence a deal is near after the crypto industry opposed earlier language imposing broad bans on stablecoin yields. The stablecoin rewards dispute has been the primary obstacle to the bill's progress, though other issues including DeFi, tokenization, and ethics remain. Pro-crypto Senator Cynthia Lummis hinted at an April markup timeline, while lawyer John Deaton warned the bill may fail if it stalls into summer when Congress shifts focus to midterm elections. Polymarket currently places odds of President Trump signing the CLARITY Act into law in 2025 at 63 percent, down from recent highs.

Progress on Stablecoin Yield Provisions in CLARITY Act

• ▪Paul Grewal, Coinbase's Chief Legal Officer, said he was confident the crypto and banking industries would soon reach a deal over the stablecoin yield text

Timeline and Uncertainty Around Senate Markup

• ▪Pro-crypto Senator Cynthia Lummis hinted that the CLARITY Act markup would hold in April
• ▪The odds of President Donald Trump signing the CLARITY Act into law have recently dropped to as low as 50%
• ▪The odds of President Donald Trump signing the CLARITY Act into law in 2026 stood at 63% according to Polymarket data on April 6, 2026
• ▪Senator Tim Scott, the Senate Banking Committee Chairman, has not scheduled a particular date for the CLARITY Act's markup

Perspective of Pro-crypto legislators

• ▪John Deaton stated that Congress is likely to prioritize mid-term elections over the CLARITY Act if the bill stalls until summer 2025
• ▪John Deaton warned that the Digital Asset Market Clarity Act will probably not pass if the crypto bill stalls until summer 2025
• ▪Cynthia Lummis hinted that the Digital Asset Market Clarity Act markup would occur in April 2025

Perspective of Ethics watchdogs and critics

• ▪Concerns about ethics in the Digital Asset Market Clarity Act could intensify with the TRUMP coin conference featuring President Donald Trump on April 25, 2025