Key Takeaways:
Treasury Secretary Scott Bessent published a Wall Street Journal op-ed on April 8 and followed with an April 9 X post calling on the Senate Banking Committee to hold a markup of the CLARITY Act and send crypto market structure legislation to President Trump.
SEC Chair Paul Atkins and CFTC Chair Michael Selig both endorsed the push the same day, with Atkins saying Project Crypto is designed to implement the bill "once Congress acts."
Senate Banking Chair Tim Scott is targeting a markup in the second half of April, and Polymarket traders now price the CLARITY Act at 59% to be signed into law in 2026.
The pressure campaign became public on April 8, when Treasury Secretary Scott Bessent published a Wall Street Journal op-ed titled "Digital Asset Rules Need Clarity" arguing the Digital Asset Market Clarity Act is fundamental to bringing blockchain developers back to the United States after much of the industry relocated to Abu Dhabi and Singapore for clearer rules.
On April 9, Bessent posted on X that Congress "has spent the better part of half a decade trying to pass a framework to onshore the future of finance. It is time for the Senate Banking Committee to hold a markup and send the CLARITY Act to President Trump's desk." SEC Chair Paul Atkins responded within hours, saying it was time to "future-proof against rogue regulators" and confirming the SEC and CFTC "are ready to implement the CLARITY Act" through Project Crypto. CFTC Chair Michael Selig echoed the position the same day.
The House passed the CLARITY Act in July 2025. It has sat in the Senate Banking Committee since January, stalled over whether stablecoin issuers and their affiliates can offer yield to holders. Senate Banking Chair Tim Scott is targeting a markup in the second half of April, and Senator Bill Hagerty has signaled a floor vote could follow in early May.
The most notable part of this is who reversed course. Coinbase CEO Brian Armstrong, who twice blocked the bill earlier this year over stablecoin yield, posted "we agree" on April 9. The coordinated pressure, paired with Armstrong's flip, sets up the strongest window the bill has had since it passed the House.
If Senate Banking does not advance the bill by early May, Senator Bernie Moreno has warned it likely stalls until after the November midterms.
People Also Ask
Q: What is the CLARITY Act? A: The Digital Asset Market Clarity Act of 2025 is a comprehensive crypto market structure bill that defines when a digital asset qualifies as a security, divides oversight between the SEC and CFTC, and establishes registration pathways for exchanges and intermediaries.
Q: How is the CLARITY Act different from the GENIUS Act? A: The GENIUS Act, signed in July 2025, regulates payment stablecoins. The CLARITY Act covers the broader digital asset market, including tokenized securities, decentralized exchanges, and blockchain settlement systems. Bessent argues the GENIUS Act cannot be fully realized without CLARITY.
Q: Why is the CLARITY Act stalled in the Senate? A: The bill cleared the House in July 2025 but has been held in Senate Banking over whether stablecoin yields should be allowed. Banks warn of deposit flight, while crypto firms argue a yield ban would harm consumers and drive activity offshore.
Q: Will the CLARITY Act pass in 2026? A: Polymarket prices the odds at 59%. The key deadline is early May, when a Senate floor vote could happen. If the bill slips past that window, campaign season is likely to sideline it until after the November 2026 midterms.
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