CLARITY Act advances in Senate Banking Committee amid push from lawmakers

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CLARITY Act advances in Senate

Highlights

The Crypto Chamber urged the Senate Banking Committee to advance the CLARITY Act.
More than 270 days have passed since the House passed the bill.
The committee’s next target date is April 27, with a critical deadline of May 21 before congressional recess.

Industry warns of tight timeline

In the statement signed by CEO Cody Carbone, the trade association stressed that more than 270 days have passed since the House of Representatives approved the bill with strong bipartisan support. The group noted that Congress is already more than halfway through the 119th session, leaving limited time for meaningful progress.

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The committee had originally planned to review the legislation on April 20, but the markup was postponed. The new target date is April 27. If the bill is not advanced before Congress recesses on May 21, its progress could be delayed indefinitely.

Calls for amendments and ongoing challenges

The Crypto Chamber praised the Senate Banking Committee’s extensive work on the bill and its willingness to consult with industry stakeholders. However, it described moving to the amendment process as “the most obvious next step” in the legislative journey.

Taylor Barr, the organization’s director of government affairs, wrote on X: “Clarity cannot wait.” At the same time, he acknowledged that further work on the bill is still required. “There is still work to be done, but that work can and should continue as the legislative process moves forward,” Barr said.

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The main sticking point remains the treatment of stablecoin yields, where banks and crypto companies have so far failed to reach a compromise.

Why regulatory clarity matters

The CLARITY Act is considered crucial for providing long-awaited regulatory certainty to the U.S. crypto industry and the more than 70 million Americans who already use digital assets.

Without clear rules, innovation and investment in the sector risk being stifled or pushed overseas. Successful passage of the bill would represent a significant step toward integrating cryptocurrencies into the mainstream financial system, while further delays could slow industry growth and reduce U.S. competitiveness in the global digital asset market.

We also reported that the new CLARITY Act draft may limit stablecoin yields.

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