Crypto’s great hope in Senate’s Clarity Act still has a path to survive tight calendar
A sideshow stablecoin yield debate has dragged the market structure bill through months of delay, even as the Senate’s available floor time diminishes for 2026.
What to know:
- Some are predicting declining chances for the Clarity Act that would establish U.S. regulations for the crypto industry, but its advocates in the Senate and the industry are focused on the narrow window it still has to become law in 2026.
- Sources close to the negotiations say final boxes are being ticked, though another two-week delay seems to have struck while a key Republican keeps negotiating with bankers who’ve objected to the U.S. treatment of stablecoin rewards programs.
- A potential May committee action could keep the legislation on track for a passage by July, though any further delays could kill its chances.
The legislative calendar is running out of room for this year, but a Senate aide told CoinDesk that a potential new delay of a couple of weeks — allowing Republican Senator Thom Tillis to finish discussions with bankers over stablecoin-yield concerns — is not yet pushing this work past the point of no return. The aide also said that earlier negotiations over decentralized finance (DeFi) protections are effectively settled, leaving few other impediments in the way of a committee approval.
One of the chief problems the crypto industry faces (if it can leap the stubborn hurdle of the banking sector’s objections about stablecoin rewards) is that the Senate Banking Committee hearing that the bill needs to clear would be only a first step of many.
Here’s the scheduling maelstrom the effort is now circling: The Senate will essentially flee Washington in August and be in election mode until the November congressional midterms arrive. It’s currently scheduled for about a dozen weeks of DC work before the elections, and it has some pressing matters on its plate during that time, including the funding battle over the Department of Homeland Security, clashes over the Iran war, the debate on voter identification and addressing nominations such as President Donald Trump’s pick to run the Federal Reserve, Kevin Warsh.
