The US market-structure bill that divides oversight of digital assets between the SEC and the CFTC, and its passage fight through Congress.
The Senate Banking Committee has publicly released the full text of the Clarity Act, a digital asset market structure bill that will establish a regulatory framework for cryptocurrencies. The committee is scheduled to vote on the legislation on Thursday.
Coinbase, Kraken, and Gemini are pushing lawmakers to eliminate provisions in the CLARITY Act that would bar listing of digital assets at risk of manipulation, seeking to ease restrictions on risky asset trading.
The Senate's crypto market structure bill, known as the CLARITY Act, faces mounting pressure to advance after months of delays caused by negotiations over stablecoin yield provisions. Senator Thom Tillis signals readiness to move forward to hearings as available Senate floor time diminishes and political uncertainty around leadership grows.
Coinbase and Senate leaders finalized a deal on stablecoin reward provisions, resolving a standoff with the banking lobby. The compromise prohibits rewards that mimic bank deposits while allowing 'bona fide' transactions, clearing a key obstacle for the CLARITY Act's advancement.
More than 100 cryptocurrency companies and industry organizations sent a letter to the US Senate Banking Committee urging action on the CLARITY Act market structure bill. The legislation faces mounting delays over stablecoin yield provisions, with limited floor time remaining in 2026.
Senator Bernie Moreno warned at a Washington event that the CLARITY Act must clear Congress by end of May or risk being shelved until 2030. His statement moved Polymarket odds of 2026 passage from 38% to 46%.
Senator Tillis delayed the stablecoin yield draft for the CLARITY Act amid fresh concerns from banking groups, with the latest text reportedly maintaining a ban on rewards for idle stablecoin holdings while other yield-related provisions remain under negotiation.
The Trump administration backed a proposal for stablecoin issuers to offer yield to investors, drawing pushback from the American Bankers Association which disputes White House claims that stablecoin yield doesn't threaten bank deposits.
White House Council of Economic Advisers released analysis finding that banning stablecoin yield products would boost community bank lending by only 0.02% while imposing significant costs on consumers, countering banking industry lobbying efforts in the CLARITY Act debate.
Senate Banking Committee Chair Tim Scott is expected to schedule a markup of the Digital Asset Market Clarity Act in the final two weeks of April, with renewed optimism following revised stablecoin yield compromise language.
Senators and the White House have reached a tentative agreement to resolve the contentious stablecoin yield restrictions in the CLARITY Act, though the compromise has drawn mixed reactions from the crypto industry. Coinbase reportedly continues to oppose the updated draft language despite the agreement.
Circle Internet Group shares fell as much as 22% in their worst day ever after draft provisions in the CLARITY Act indicated potential limits on stablecoin yield distribution. The proposed legislation may restrict rewards on stablecoin balances, though analysts at Bernstein argue the selloff is overdone as restrictions target distributors rather than issuers.
French Hill, Chairman of the House Financial Services Committee, introduced a new Crypto Market Structure Bill known as the Digital Asset Market Clarity (CLARITY) Act to establish clear rules for digital assets and define regulatory roles.
