Clarity Act, in the flesh, unveiled by U.S. Senate Banking Committee before hearing
The crypto market structure bill had already been making the industry rounds behind closed doors, but the lawmakers have released the text before their vote.
What to know:
- The latest version of the Clarity Act was released by the U.S. Senate Banking Committee, revealing the details of the crypto market structure plans moving through Congress.
- The text — set for a committee hearing this week — doesn’t include any big shocks, reflecting months of debate and negotiation over stablecoin yield and the handling of the decentralized finance sector.
The latest version won’t offer many surprises for the crypto industry that’s already had a chance to dig through it privately, but it includes still-contentious language on stablecoin yield and it maintains legal protections for decentralized finance (DeFi) developers, keeping that corner of the crypto sector happy (so far).
While an approval in the committee would mark a major, long-stymied step forward, the bill’s arrival at President Donald Trump’s desk is far from assured. Action this week would keep the possibility of passage alive, though a number of other hurdles remain — including the insertion of an ethics provision that isn’t yet present in this draft.
The conflict-of-interest section that would theoretically limit government officials from profiting from the crypto industry is not under the jurisdiction of the banking panel, so it has to get into the legislation later. It’s been a contentious issue, because its genesis was seated in President Donald Trump’s own wide-ranging crypto interests, but White House officials have repeatedly said they wouldn’t tolerate a bill that targets the president. Meanwhile, Democrats won’t allow the bill to move without such a section, Senator Kirsten Gillibrand said last week at Consensus Miami 2026.
