TLDR
- Senate Republicans met to resolve final disputes before advancing the Clarity Act to a full Senate vote.
- Lawmakers continue negotiating stablecoin yield treatment to address concerns from banks and crypto firms.
- Senator Cynthia Lummis said the committee could move the bill forward by the end of April.
- Democrats seek ethics safeguards to limit personal crypto profits by senior government officials.
- The White House reviewed updated draft language as talks over the crypto market structure bill continue.
Senate Republicans moved closer to advancing the Digital Asset Market Clarity Act after weeks of stalled talks. Lawmakers met Thursday to close remaining gaps before the bill reaches a full Senate vote. Negotiators now focus on stablecoin yield rules and decentralized finance provisions.
Clarity Act Advances in Senate Committee Talks
Republican members of the Senate Banking Committee met on Thursday to resolve final disputes over the Clarity Act. Lawmakers aim to send updated legislative text to the White House for review. The committee must approve the bill before the full Senate can consider it.
Senator Cynthia Lummis said the panel could advance the bill by the end of April. However, she acknowledged that unresolved policy trades still require agreement. Republican Senator Thom Tillis remains among those seeking changes to stablecoin yield treatment.
The White House participated in discussions with Senate Banking Committee Republicans. Officials reviewed draft language reflecting negotiations over crypto market structure. Lawmakers continue to refine provisions before repackaging the bill for a Senate vote.
Negotiators have nearly settled the debate over stablecoin rewards programs. Bankers and crypto firms have disagreed over whether those programs resemble bank interest. Lummis said compliant rewards should resemble credit-card incentives, not bank-account interest.
She stated that rewards avoiding savings or interest language could survive compromise. Meanwhile, lawmakers discussed offering community bankers concessions tied to recent housing legislation. Politico reported that negotiators may attach unrelated housing provisions to secure support.
Stablecoin Yield and Oversight Issues Shape Final Compromises
Democrats involved in talks have pressed for limits on personal crypto profits by senior officials. They have pointed concerns toward President Donald Trump. Lawmakers want ethics safeguards written into the final bill.
Democrats also seek appointments to vacant Commodity Futures Trading Commission seats. They want those seats filled before the agency adopts new crypto rules. These demands could require direct concessions from the White House.
Crypto industry representatives have engaged lawmakers during negotiations. Lummis said Coinbase CEO Brian Armstrong showed more flexibility in recent discussions. Armstrong previously opposed an earlier draft that stalled Senate progress.
Coinbase did not immediately respond to requests for comment on Thursday. Lawmakers continue drafting language that balances industry and banking concerns. Negotiators expect yield treatment and ethics rules to close remaining gaps.
While Congress works, the Securities and Exchange Commission advanced new crypto policy measures. The agency issued its first taxonomy defining U.S. crypto asset categories. Chairman Paul Atkins and two Republican commissioners addressed the effort in a CoinDesk op-ed.
They wrote, “Only Congress can rewrite the law, and we stand ready to work with Chairman Michael Selig to implement the CLARITY Act.” They added that the SEC will provide a responsible regulatory approach until Congress acts. Senate leaders now await final draft language before scheduling a hearing.