Ripple says U.S. crypto bill faces pivotal Senate step this month

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Ripple: Senate step for crypto bill

Highlights

Senate Banking Committee is expected to schedule a critical markup hearing on the Digital Asset Market Clarity Act this month, with delay diminishing passage prospects.
Updated compromise bill language now permits certain crypto rewards programs but restricts yield-bearing stablecoin accounts, facing mixed industry and banking coalition reactions.
Ripple CEO Garlinghouse projects stablecoin market growth to $3 trillion by 2031 from $320 billion, emphasizing the bill’s role in securing favorable SEC policies under Chairman Paul Atkins.

Senate timetable and compromise terms

As first reported by CoinDesk, Garlinghouse says the legislation is not yet assured and that a delay beyond the near term would sharply reduce its prospects. Speaking at Consensus 2026 in Miami Beach, Florida, he says he still expects progress, with the next key milestone being the scheduling of the Senate Banking Committee's long-awaited hearing to mark up the bill.

Lawmakers involved in negotiations over the Digital Asset Market Clarity Act revealed updated compromise language last week on stablecoin yield, a major sticking point that is expected to help the banking panel move ahead. Garlinghouse says the measure is not perfect but argues that regulatory clarity is preferable to uncertainty.

The compromise seeks to let crypto firms continue some rewards programs without permitting yield-bearing stablecoin accounts that resemble bank deposits used to support U.S. lending. While many crypto industry participants view the approach as workable, a coalition of banking groups says this week that the arrangement falls short.

Regulatory durability and stablecoin outlook

Garlinghouse says the bill matters because it would lock in crypto-friendly policies now taking shape at the U.S. Securities and Exchange Commission under Chairman Paul Atkins, who succeeds former Chair Gary Gensler. Without legislation, he says, a future SEC leadership change could reverse those policies.

He adds at Consensus that the stablecoin market could reach $3 trillion by 2031, up from roughly $320 billion now. Ripple Labs launched its RLUSD stablecoin in 2024, and the current market remains dominated by Tether's USDT.

Our earlier coverage of Coinbase’s restructuring highlighted how CEO Brian Armstrong outlined a plan to cut about 14% of the workforce to reduce costs and reposition the company for the AI era amid ongoing regulatory headwinds. We noted that the announcement weighed on COIN’s price action and underscored how sensitive investor sentiment remains while major U.S. crypto policy debates continue to evolve.

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