Delay risks mount for US stablecoin bill

TLDR

The main US crypto bill that would set nationwide rules for stablecoins is now at real risk of slipping beyond 2026 because of Senate delays and a fight over yields.

1. The Digital Asset Market Clarity Act passed the House in 2025 but is stalled in the Senate Banking Committee, with analysts warning that missing an April 2026 deadline makes 2026 passage unlikely.
2. The key dispute is whether stablecoin issuers or platforms can pay yield, with banks pushing for a broad ban and crypto firms like Coinbase opposing and withdrawing support over this issue.
3. If the bill drifts into later sessions, the US stays in regulatory limbo while states and other countries advance their own stablecoin frameworks, shaping where capital and innovation migrate.

Deep Dive

1. Tight Timeline And Rising Delay Risk

The Digital Asset Market Clarity Act, often called the CLARITY Act, would create a national framework for crypto markets and stablecoins, and it cleared the House in July 2025 with a strong bipartisan vote.

In the Senate it is stuck in the Banking Committee, where the American Bankers Association is lobbying to strip out stablecoin yield, and a White House March 1 deadline passed without a deal, with leadership saying no floor vote will come before April 2026.

Research firm TD Cowen and Galaxy Digitals Alex Thorn warn that if the bill does not exit committee by late April, the chances of it becoming law in 2026 fall sharply and it could slip to 2027 or beyond, as highlighted in recent coverage.

2. Stablecoin Yield As The Main Flashpoint

Although privacy and DeFi rules worry many users, reporting shows the main block in Congress is banking economics, especially whether stablecoin products can share interest with users.

Banks argue that yield bearing stablecoins would function like unregulated savings accounts that siphon deposits from banks, and they are lobbying to eliminate all stablecoin yield, according to Senate focused coverage.

Crypto firms counter that yield is central to stablecoin utility; Coinbase has publicly said we would rather have no bill than a bad bill and withdrew support over provisions that would ban yield and weaken DeFi, as noted by industry critics.

3. Consequences If The Bill Slips

If CLARITY stalls, US dollar stablecoins continue under a patchwork of agency guidance and enforcement, with no clear national licensing, reserve, or yield rules.

Other jurisdictions and even US states are already moving; for example, Florida is racing to adopt its own stablecoin regime to meet a federal application window, as described in state level reporting.

At the same time, international bodies like the BIS warn that even fully backed stablecoins can depeg if reserves are hard to liquidate during stress, underscoring why regulators want robust, unified rules, as analyzed in a recent BIS focused review.

Global players are also watching for US missteps; Ledgers Asia Pacific lead has argued that a US ban on stablecoin yields would likely push yield products and issuers to friendlier jurisdictions, potentially accelerating regulatory arbitrage, as discussed in cross border commentary.

Conclusion

Delay risk for the US stablecoin bill is rising because a narrow political fight over yield is absorbing the limited floor time available for a broader market structure fix.

If the Senate Banking Committee does not move by April, the CLARITY Act could become another multi year project, leaving stablecoin issuers and users in an uncertain regime while other jurisdictions set the standards that global capital follows.