US Digital Asset Market Clarity Act nears Senate markup as stablecoin yield dispute persists
US Digital Asset Market Clarity Act is moving toward a Senate Banking Committee markup, according to Coinbase’s legal chief Paul Grewal. The latest update says the bill could advance to a full vote if the stablecoin yield dispute is resolved and the markup date is scheduled.
The core sticking point remains whether stablecoin issuers or platforms can offer yields or similar rewards. US banks warn that such incentives could pull deposits from traditional banks. Grewal said there is no evidence for “deposit flight.”
Politically, the delay continues to be blamed on banks. Donald Trump criticized the stall and met with Coinbase CEO Brian Armstrong. Armstrong previously said he cannot support the current US Digital Asset Market Market Clarity Act wording because it removes stablecoin rewards, while Coin Center’s Peter Van Valkenburgh warned the delay could leave crypto exposed to harsher future regulation.
For traders, the US Digital Asset Market Clarity Act headline flow is a potential catalyst for liquidity and volatility. But unresolved stablecoin-yield language keeps timing risk elevated. BTC spot tone remains cautious, with BTC around $66.9k and RSI near 42.4, so regulation-risk premiums may stay sensitive to any compromise signals and the Senate markup schedule.
Neutral
The news is a mixed catalyst for BTC. On one hand, progress toward a Senate Banking Committee markup on the US Digital Asset Market Clarity Act can improve regulatory clarity expectations, which may support sentiment if a compromise removes uncertainty around stablecoin yield. On the other hand, the stablecoin-yield dispute is still unresolved and the timeline risk remains high, which can keep traders focused on regulation-risk premiums rather than directional follow-through.
In the short term, any headlines about scheduling the markup (or changing stablecoin-yield wording) are likely to drive volatility. In the longer term, passage—especially if it changes stablecoin reward treatment—could shift market structure expectations for US crypto access and liquidity. But until the dispute is settled, the net effect on BTC price direction is likely more about sentiment swings than a sustained trend, matching a neutral assessment.