CLARITY Act momentum resumes

U.S. Senate talks on the CLARITY Act restarted Monday after recess, putting a stalled crypto market-structure bill back on the calendar. (coindesk.com) The bill is the Digital Asset Market Clarity Act of 2025, House bill 3633. It passed the House on July 17, 2025, by a 294-134 vote and was referred to the Senate Banking Committee on September 18, 2025. (congress.gov) The Senate Banking Committee had already prepared for a markup in January. Committee Republicans said then that the bill would draw a line between Securities and Exchange Commission oversight and Commodity Futures Trading Commission oversight, add disclosure rules, and keep anti-fraud powers in place. (banking.senate.gov) A stablecoin is a crypto token designed to hold a fixed value, usually one U.S. dollar. The parallel fight in Washington is over who can issue those tokens and whether issuers can pay holders a return that looks like bank interest. (congress.gov) That second fight is active Monday because the National Credit Union Administration closes comments on its proposed rule for “permitted payment stablecoin issuer” applications on April 13, 2026. The agency said the rule is part of its implementation of the GENIUS Act and pointed to a July 18 congressional deadline. (ncua.gov) The GENIUS Act is already law. Congress.gov shows it was signed on July 18, 2025, creating a federal framework for payment stablecoins and defining federal and state qualified issuers. (congress.gov) Industry pressure shifted again last week when Coinbase Chief Executive Brian Armstrong publicly backed passing the CLARITY Act on April 10. The Block reported Coinbase had previously withheld support over unresolved stablecoin provisions, especially yield. (theblock.co) Other industry voices are still warning that the window is narrow. Crypto.news listed a fresh warning from Senator Cynthia Lummis that if the Senate misses this cycle, the bill could slip until 2030. (crypto.news) That leaves the same fault line that slowed the bill before recess: market-structure rules are moving again, but the timetable still depends on whether senators can settle the stablecoin-yield dispute. Monday’s restart puts the question back in front of the Senate, not past it. (coindesk.com)