TLDR
- Coinbase CEO Brian Armstrong reversed course and now backs the CLARITY Act after opposing it in January
- Treasury Secretary Scott Bessent published a Wall Street Journal op-ed urging Congress to pass the bill now
- The Senate Banking Committee plans to vote on the bill before the end of April
- The main sticking point is stablecoin rewards and whether platforms like Coinbase can pay yield to holders
- Senator Cynthia Lummis warned this is the last chance to pass the bill until at least 2030
The US crypto industry is pushing hard for Congress to pass the Digital Asset Market Clarity Act, with several key figures now aligned behind the legislation after months of stalled progress.
Coinbase CEO Brian Armstrong posted on X this week saying “it’s time to pass the Clarity Act.” This is a shift from January, when he withdrew Coinbase’s support, saying the bill could not be backed “as written.” That move led the Senate Banking Committee to delay a key markup vote.
We agree. Thank you @SecScottBessent for saying it. It's time to pass the Clarity Act.
Grateful for all the bipartisan work among Senators and staff over the past several months to make this a strong bill. https://t.co/jHoZ1bfLVZ pic.twitter.com/YBKebDkq8B
— Brian Armstrong (@brian_armstrong) April 10, 2026
Armstrong said the current version of the bill, after months of back-and-forth between lawmakers, banks, and crypto companies, is now a “strong bill.”
Treasury Secretary Scott Bessent added pressure from the White House side. He wrote an op-ed in The Wall Street Journal this week calling on Congress to act. “Senate floor time is scarce, and now is the time to act,” Bessent wrote.
The Senate Banking Committee, where the bill has been stuck for over a year, is now planning to hold a vote before the end of April.
The Stablecoin Rewards Dispute
The main issue holding things up is how stablecoin rewards are treated. The GENIUS stablecoin law, passed in July, bans stablecoin issuers from paying interest directly to holders. But it does not stop third-party platforms like Coinbase from offering rewards.
Banks argue that allowing this kind of yield would pull deposits away from traditional financial institutions, especially smaller community banks. Crypto companies say restricting rewards would slow down innovation.
A White House economic report released this week found that stablecoin rewards are unlikely to seriously hurt bank lending. Banks pushed back on that finding, saying the report did not measure the specific impact on community banks or deposit levels.
A banking source told The Block on Friday that they are still working on tighter language around the yield prohibition to address lending concerns.
A separate source said the focus now is on “getting the banks in line to support the compromise,” adding: “Seems crypto is nearly there.”
What Happens Next
Coinbase’s legal chief Paul Grewal said lawmakers were “very close to a deal” last week.
If the bill clears the Senate Banking Committee, it still needs to be reconciled with the Senate Agriculture Committee’s version. A full Senate floor vote would require 60 votes, meaning Democratic support is needed alongside all Republicans.
Senator Cynthia Lummis, one of the bill’s strongest supporters, said on Friday she will not seek re-election and her term ends in January 2027. “This is our last chance to pass the Clarity Act until at least 2030,” she posted on X.
The Office of the Comptroller of the Currency recently approved Coinbase’s application for a national bank trust charter, a move that came after similar approvals for Paxos, Ripple Labs, BitGo, Circle, and Fidelity Digital Assets.
