US CLARITY Act heads to Senate markup

TLDR

The US CLARITY Act, a flagship crypto market-structure bill, is now heading toward a Senate Banking Committee markup in late April.

1. CLARITY would hard-code an SECCFTC split over digital assets and has advanced further than any prior US crypto framework.
2. The draft protects non?custodial DeFi but sharply restricts passive yield on stablecoins, reshaping stablecoin business models more than spot crypto trading.
3. The next few weeks are critical: a late?April markup could lead to a Senate vote by May, while delay risks pushing comprehensive US crypto rules out to 2030.

Deep Dive

1. Where The Bill Stands Now

According to a recent CoinsKid community brief, the CLARITY Act (H.R. 3633) is scheduled for Senate Banking Committee markup in late April, with a possible Senate floor vote as early as May if it clears committee. It has already passed the House 294134 and the Senate Agriculture Committee, making it the most advanced digital asset framework to reach Congress so far. A separate report notes that key political blockers, including disagreements over stablecoin yield and DeFi treatment, have largely been negotiated, with the White House, SEC, and CFTC all signaling readiness to implement the framework once passed.

2. What CLARITY Would Change For Crypto

The bill would formally assign digital commodities to CFTC jurisdiction and digital securities to the SEC, giving exchanges and issuers a statutory roadmap instead of case?by?case enforcement. Draft language highlighted by a CoinsKid analysis and crypto.news explicitly shields non?custodial DeFi protocols and self?hosted smart contracts from being treated as deposit?taking institutions, focusing regulation on centralized intermediaries.

At the same time, the bill bans passive yield, interest, or dividends on stablecoin balances offered by service providers, effectively outlawing risk?free stablecoin savings wrappers while still allowing yields tied to explicit on?chain actions such as lending or liquidity provision. Separate coverage notes that for assets like XRP, CLARITY would lock in their treatment as digital commodities in federal law, not just agency guidance.

3. Politics, Odds, And What To Watch

Senator Cynthia Lummis has warned that if CLARITY does not move in the current 2026 window, it may not get another serious shot until around 2030, because midterm politics will freeze complex legislation. Prediction markets cited in recent coverage put passage odds in the mid?50s to mid?60s percent range, reflecting cautious ethereum/">optimism but not certainty. Treasury Secretary Scott Bessent and Coinbase CEO Brian Armstrong now publicly back the bill after earlier industry pushback, which adds momentum but does not eliminate remaining Senate negotiations over stablecoin yield and bank?lobby concerns.

Key near?term signals to watch are:

1. whether the Banking Committee actually notices a markup in late April,
2. how aggressively the stablecoin yield ban is retained or softened, and
3. whether leadership signals a clear path to a full Senate vote before the campaign calendar takes over.

Conclusion

The CLARITY Acts move toward Senate markup marks the closest the US has come to a unified federal crypto regime, with clear benefits for regulatory certainty, especially around SECCFTC roles and DeFi frontends. The trade?off is a much stricter environment for passive stablecoin yield, which could reshape stablecoin business models and bank competition. Over the next few weeks, committee scheduling and any last?minute compromises on stablecoins will determine whether this framework becomes the long?awaited foundation for US digital asset markets or slips into another multi?year delay.