TLDR
A key US Senate committee is finally moving to mark up the main crypto market structure bill, the Digital Asset Market Clarity Act, in the second half of April.
- Senator Cynthia Lummis says the Senate Banking Committee will hold an April markup on the CLARITY Act, after months of delay over stablecoin yield and DeFi rules.
- The bill would split oversight between the SEC and CFTC, set federal rules for exchanges and issuers, and effectively legalize most mainstream crypto activity under a clear framework.
- Big hurdles remain: ethics rules, bipartisan support, and a tight mid?2026 election calendar, with some senators warning that missing a May window could stall crypto legislation for years.
Deep Dive
1. What Exactly Is Happening
At the DC Blockchain Summit, Sen. Cynthia Lummis said the Senate Banking Committee plans to mark up the CLARITY Act in the second half of April, after the Easter recess, confirming that the panel intends to get it out of the Banking Committee in April as reported by multiple outlets including Yahoo Finance.
The January markup was previously canceled, mainly due to fights over stablecoin rewards and DeFi language. Recent comments from Lummis, Tim Scott and White House adviser Patrick Witt indicate those negotiations are now in their final stage, clearing the way for a formal committee session in April.
This is the first concrete procedural step in months, signaling that leadership actually plans to move text rather than just talk about crypto legislation.
2. What the CLARITY Act Would Do
The CLARITY Act is a comprehensive market structure bill. It would assign the CFTC primary authority over digital commodities while preserving SEC power over tokens deemed securities, creating a clearer split that has been missing so far, as outlined in coverage from Crypto.news.
It also aims to:
- Set registration and disclosure rules for centralized crypto trading platforms and token issuers.
- Plug gaps left by the 2025 GENIUS stablecoin law, especially on how, when and where yield can be offered.
- Clarify treatment of DeFi carve?outs and tokenized products so agencies know which tools to use.
If passed in something close to its current form, US exchanges and major tokens would operate under a predictable federal regime instead of patchwork enforcement and litigation risk.
3. Timeline, Politics, And Risks
The markup is only the first gate. The Banking Committees version must be merged with a separate Agriculture Committee draft, then win 60 votes on the Senate floor, then be reconciled with the House.
Lummis has warned the bill must be completed by the end of the year, while Sen. Bernie Moreno has said that if it is not passed by May, digital asset legislation could be frozen for the foreseeable future, reflecting the pressure of the 2026 midterm calendar. Ethics provisions and some DeFi and stablecoin details are still politically sensitive, and bipartisan buy?in is not yet guaranteed.
Treat the markup as a genuine but fragile opportunity; the main risk is not a hostile law, but that the window closes and the US reverts to regulatory drift.
Conclusion
A scheduled markup on the CLARITY Act shows that US crypto market structure legislation is finally moving from talk to procedure. If the committee can lock in compromises on stablecoin yield, DeFi and ethics, the next few months could determine whether the US gets durable, statute?level rules for exchanges and major tokens, or faces another multi?year delay in regulatory clarity.
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