US Treasury renews push for CLARITY Act

TLDR

The US Treasury is ramping up pressure on Congress to pass the Digital Asset Market Clarity Act, which would create a comprehensive federal rulebook for crypto.

1. The Clarity Act would split responsibilities between the SEC and CFTC, set clear rules for exchanges and tokens, and build on prior stablecoin law to keep crypto activity onshore.
2. The main political fight is over whether and how stablecoins can offer yield, with banks and crypto firms lobbying in opposite directions while big players like Coinbase now back the bill.
3. The Senate faces a narrow window for action, and analysts see passage as possible but far from guaranteed, so headlines around markups and yield compromises will be key to watch.

Deep Dive

1. What The Clarity Act Would Actually Do

Treasury Secretary Scott Bessent is publicly urging Congress to move the Clarity Act, arguing that the US needs clear digital asset rules to maintain financial leadership as the EU and UK advance their own regimes.[^1]

The bill would define which tokens are treated as securities versus commodities, set jurisdictional boundaries between the SEC and CFTC, and create federal standards for trading platforms, disclosures, custody, and anti?fraud controls.[^1] It is designed to sit alongside the earlier GENIUS Act on stablecoins, filling the broader market structure gap.[^2]

Supporters at Treasury, the CFTC and SEC have signaled that their agencies are ready to implement the framework once Congress acts, framing the bill as a way to future proof crypto regulation.[^3]

2. Why Stablecoin Yield Is The Sticking Point

The biggest unresolved dispute is how the law treats yield on stablecoins. GENIUS already bans issuers from paying interest directly, and banks want the Clarity Act to also clamp down on third-party platforms that pass through yield, citing deposit flight risk.[^4]

Crypto firms argue that yield-like rewards are critical for making stablecoins competitive with cash and bank deposits. A White House economic analysis reportedly found that banning such rewards would do little to strengthen bank lending but would meaningfully reduce consumer benefit, strengthening the crypto side of the argument.[^4]

This fight has repeatedly delayed Senate Banking Committee markups, even as major industry players such as Coinbase CEO Brian Armstrong, who briefly withdrew support in January, have now publicly backed the current draft and called for passage.[^5]

3. Odds, Timelines, And What To Watch

Procedurally, the House already passed the bill in 2025, and the Senate Agriculture Committee advanced its portion in early 2026. The key bottleneck is the Senate Banking Committee, which is targeting a markup in late April as senators return from recess.[^3]

Officials close to the process warn the window is tight: midterm election season will soon crowd out complex legislation, and some pro?crypto senators suggest that missing this spring could push comprehensive market-structure law out for years. Outside policy voices put passage odds anywhere from roughly one-third to better but still uncertain, reflecting both momentum and unresolved politics.[^6]

For crypto users and builders, the practical signals to monitor are: whether Banking actually holds its markup on time, whether a compromise on stablecoin yield is announced, and whether bipartisan support holds through a Senate floor vote.

Conclusion

The Treasurys renewed push around the Clarity Act is about locking in a durable, national framework for US crypto markets rather than regulating by enforcement case. If Congress can resolve the stablecoin yield dispute and move the bill through Senate Banking in the coming weeks, it could trigger a regime shift toward clearer rules that favor onshore development and institutional participation. If that window closes, US crypto will likely remain in a gray zone shaped by fragmented regulators and foreign jurisdictions for longer.

[^1]: Clarity Act overview and Bessent op?ed summary [^2]: Treasury positioning Clarity Act as follow?on to GENIUS stablecoin law [^3]: Coordinated push from Treasury, CFTC, SEC and April markup plan [^4]: White House analysis and bank vs crypto split on stablecoin yields [^5]: Brian Armstrong renews support for the Clarity Act [^6]: Policy estimate of roughly 30% passage odds this year