Digital Asset Market Clarity Act nears Senate Banking vote as Coinbase backs
The Digital Asset Market Clarity Act is moving toward a Senate Banking Committee vote as U.S. regulators and the crypto industry rebuild momentum after months of gridlock. Coinbase CEO Brian Armstrong said on X that the exchange now supports the Digital Asset Market Clarity Act, reversing an earlier withdrawal of endorsement over concerns about the original draft. Coinbase’s Paul Grewal also suggested lawmakers are nearing agreement on key details.
Treasury Secretary Scott Bessent added pressure with an opinion urging Congress to act quickly while the Senate has limited time. Traders should focus on the remaining policy fight: stablecoin yield programs. The prior GENIUS framework barred stablecoin issuers from paying interest directly to holders, but allowed third parties to offer yield via their own services—an issue that some bankers say could drive deposit outflows. The White House’s economic analysis argues these yield activities pose limited broader banking risk, while community banks disagree.
Negotiations now center on tightening the language around stablecoin yield restrictions to balance banking objections with crypto innovation. Senator Cynthia Lummis warned this may be the last realistic push for the Digital Asset Market Clarity Act until late in the decade. Near-term headlines from the Senate Banking Committee and any amendments could drive market sentiment.
Neutral
Momentum is clearly improving: Coinbase has re-backed the Digital Asset Market Clarity Act and lawmakers appear closer to agreement, which typically supports constructive sentiment across U.S.-linked crypto assets. However, the biggest unresolved technical sticking point—stablecoin yield—cuts both ways. If negotiations tighten restrictions, markets may price in regulatory overhang and slower growth for yield-related strategies; if language proves workable for innovation while easing banking concerns, the news could shift toward a more positive regulatory outcome. Because the vote is approaching but final terms remain uncertain, the expected impact on prices for the broader crypto complex is likely mixed and event-driven rather than decisively bullish or bearish.