Senate crypto Clarity Act nears committee vote

TLDR

The US Senates Clarity Act on crypto market structure is approaching a crucial Banking Committee vote that will decide if it moves toward becoming law this cycle.

1. The House has already passed the Clarity Act, and Senate Banking leaders are working toward an April markup after progress on a stablecoin yield compromise.
2. The bill would shift many tokens from SEC to CFTC oversight, formalize XRP as a commodity, and create new fundraising exemptions that could unlock more institutional participation.
3. The main risks are timing and final wording on stablecoins and DeFi; if the committee slips past late spring, the bill could stall behind midterm politics and competing SEC rules.

Deep Dive

1. Where The Bill Stands

The Clarity Act already cleared the House in 2025 and is now awaiting action in the Senate Banking Committee. Senators and staff are targeting a committee markup in late April, with this window described as decisive for 2026 passage, especially for XRP-focused products that hinge on the bills outcome. Recent reporting says the Banking Committee aims for a late April markup and that failure to reach the Senate floor by May could push the bill off this years calendar.

The biggest holdup has been how to regulate stablecoin yields. After months of pushback from firms like Coinbase, both crypto and banking representatives now say a stablecoin yield compromise is close, removing the main obstacle to scheduling a vote. Senator Bill Hagerty has signaled he expects the bill to advance through the Senate Banking Committee in April, while other lawmakers warn that delays could let election priorities crowd it out.

2. How The Clarity Act Would Change Crypto Rules

Substantively, the Clarity Act is a broad market-structure law that would move most mainstream crypto assets from primary SEC jurisdiction to the CFTC, treating many tokens as commodities instead of securities. For XRP, for example, the bill would codify XRP as a digital commodity under CFTC oversight, rather than relying on nonbinding interpretations.

The bill also creates a Reg Crypto style capital-raising exemption so projects can issue tokens and work toward decentralization under clear disclosure and fundraising caps, instead of navigating legacy securities offerings piecemeal. At the same time, it would set stricter rules around stablecoins and DeFi, especially on offering yield that looks like bank interest, which is why that section has been so contested.

3. Key Risks And What To Watch Next

There are two big moving pieces to watch. First, whether the Senate Banking Committee actually holds a markup in the second half of April; if that slips into summer, several senators and analysts say the odds of passage in 2026 drop sharply.

Second, the final wording on three sensitive areas: stablecoin yield, DeFi protocols, and tokenized securities. These will determine how hard it is for US platforms to offer yield-like products and for DeFi teams to operate within the framework. In parallel, the SEC is advancing its own Reg Crypto exemption for token fundraising via rulemaking, which could partially fill gaps if Congress stalls but would not replace full statutory clarity.

Conclusion

The Clarity Act is closer to a real Senate Banking Committee vote than at any point since it left the House, helped by progress on stablecoin yield language. If the committee moves in April, it could reshape US crypto regulation by shifting many tokens to CFTC oversight, clarifying fundraising paths, and setting stablecoin rules, with direct implications for assets like XRP and for exchanges and ETF issuers. If timing or remaining disputes derail the markup, the industry may have to rely more on narrower SEC rulemaking and wait longer for comprehensive legislative clarity.