CLARITY Act markup push grows as stablecoin rewards stall
More than 100 crypto firms, including Coinbase and Ripple, have urged the US Senate Banking Committee to move forward with a CLARITY Act markup. The bill, aimed at improving US digital-asset market structure, has been repeatedly delayed since January.
The latest push—backed by the Crypto Council for Innovation and the Blockchain Association—argues that a clear federal framework is needed to prevent investment and tech activity from moving offshore. Supporters warn that “regulation by enforcement” and prolonged uncertainty can’t provide the legal certainty builders want.
Key timing details matter for traders. The committee postponed an earlier January debate after Coinbase CEO Brian Armstrong criticized the draft, saying parts of the CLARITY Act would reduce the CFTC’s role and could effectively end stablecoin rewards. Negotiations have also been slowed by the stablecoin-rewards dispute. Galaxy says the CLARITY Act passed the US House in July 2025 (294-134), while Senate talks have continued since January, with scheduling reportedly slipping after Senator Thom Tillis suggested waiting until May.
Main priorities in the CLARITY Act include keeping activity-based consumer rewards tied to payment stablecoins, preserving a clearer SEC vs CFTC division for tokenized instruments, protecting decentralized technology developers and service providers, and strengthening disclosure and token certification rules.
Trading takeaway: the renewed push increases the odds of a near-term regulatory catalyst around the CLARITY Act markup. However, stablecoin rewards remain the critical open risk, leaving uncertainty about what ultimately makes it into the final bill.
Neutral
Industry calls for a CLARITY Act markup can act as a short-term positive catalyst by increasing expectations of clearer US crypto market rules. That said, the stablecoin rewards fight (and related concerns about SEC/CFTC role allocation) remains unresolved, which can cap upside and keep headline-driven volatility elevated. In the long run, if the CLARITY Act passes in a form that preserves activity-based payment stablecoin rewards and clarifies SEC vs CFTC jurisdiction, it would likely reduce regulatory uncertainty and support liquidity and product listing decisions. If the final bill weakens stablecoin rewards or shifts regulatory authority, markets may reprice risk quickly. Net effect: a potential near-term catalyst, but meaningful unresolved policy risk keeps the immediate price impact on individual coins more balanced than clearly bullish or bearish.