A push to pass the CLARITY Act is gaining momentum on Capitol Hill — but one sticky dispute could still stall it.
Coinbase’s chief legal officer, Paul Grewal, said the market-structure bill may be close to a markup in the Senate Banking Committee, but progress hinges on resolving a single flashpoint: how crypto platforms should treat yield on cryptocurrencies and stablecoins. That unresolved question has repeatedly held the legislation back even as support grows across industry and some regulators.
Lawmakers and industry leaders are sounding the alarm that the window to act is narrowing. Republican Senator Cynthia Lummis warned on X on April 10 that this is “our last chance to pass the CLARITY Act until at least 2030,” urging urgency to avoid letting the U.S. cede its financial future. With the November midterms looming, many in crypto fear congressional attention will shift and the bill could be shelved.
Influential figures are pushing for quick action. David Sacks, the former White House AI and crypto czar, urged the Senate Banking Committee and the full Senate to approve market-structure rules he believes President Trump would sign. Industry investors and founders have made similar arguments: a16z Crypto managing partner Chris Dixon said clear rules benefit both consumers and entrepreneurs, while Immutable founder Robbie Ferguson suggested the CLARITY Act could unlock a level of growth in blockchain gaming that dwarfs the past decade.
Even Coinbase’s CEO Brian Armstrong, who had pushed back on legislative approaches in the past, signaled this week that it’s time for the bill to move after months of delays.
Regulators have joined the chorus. Former SEC Chairman Paul Atkins called on Congress to finalize market-structure legislation and protect the system from “rogue regulators,” framing the CLARITY Act as essential to a consistent, predictable regulatory framework.
Background context: last year’s GENIUS Act — signed by President Trump — set federal policy on stablecoins. The CLARITY Act aims to extend that lead by establishing rules for all other digital assets, providing the “roadmap” many in the industry say is needed to attract innovation and retail participation in the U.S.
If the Senate Banking Committee can resolve the stablecoin-yield dispute, a markup could follow. Until then, the CLARITY Act remains the high-stakes test of whether Washington can agree on crypto rules before the political calendar closes. Featured image: Unsplash; chart: TradingView.
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