Clarity Act stalls over stablecoin yield dispute as regulators, industry and banks seek clearer crypto rules

Senate action on the Clarity Act — a high-profile market-structure bill intended to clarify digital-asset rules — has slowed after a disagreement over a provision governing stablecoin yields. The draft advanced in the Senate Agriculture Committee but was halted in the Senate Banking Committee over that stablecoin-yield dispute, leaving the bill’s path to passage uncertain ^[1].

Separately, the Treasury delivered a report to Congress under the GENIUS Act mandate, and industry engagement with lawmakers continues: Ripple’s chief legal officer met with Sen. Kirsten Gillibrand as part of a bipartisan push on crypto market-structure issues, indicating continued outreach between firms and legislators on the draft framework ^[4][5].

Former CFTC chairman Chris Giancarlo argued that US banks may need the regulatory clarity the Clarity Act aims to provide as much as — or more than — crypto firms, warning that regulatory uncertainty could leave US banks behind global peers ^[3].

New CFTC Chair Michael Selig published a multi-year priority list that explicitly addresses digital assets, including calls for clearer classification of crypto products such as perpetuals and attention to interagency jurisdiction — signaling that the agency intends to engage on market-structure issues regardless of the bill’s timetable ^[2].

Legislative and regulatory activity on US crypto market structure is active on multiple fronts, but Senate committee disagreement over stablecoin yields has paused formal progress on the Clarity Act even as regulators and industry continue parallel efforts to define rules and standards ^{[1][2][3][4][5]}.