TLDR
- Senate plans Clarity Act markup in April, targeting weeks of April 13 and April 20.
- Lawmakers warn crypto bill must pass by May or face delays beyond 2026.
- Stablecoin yield rules remain the main unresolved issue in negotiations.
- No Democrats supported the earlier version, raising bipartisan concerns.
- DeFi rules and Trump-linked crypto ties add further hurdles to passage.
The Senate’s crypto market structure bill is moving toward a new deadline, with lawmakers now targeting the second half of April for a Banking Committee markup. Senator Cynthia Lummis said the committee plans to take up the Clarity Act later next month, reviving legislation that had stalled after disputes over stablecoin yield and other provisions. Senator Bernie Moreno added that if the bill does not pass by May, digital asset legislation may not move again for the foreseeable future.
The revised timeline places pressure on Senate Republicans to resolve a series of disputes before Congress loses momentum ahead of the 2026 midterm cycle. Only two weeks remain in the second half of April when the Senate is scheduled to be in session, making the weeks of April 13 and April 20 the likely window for committee action. If the bill clears Banking, it would still need to be reconciled with the version previously advanced by the Senate Agriculture Committee in January.
Clear rules. Clear regulations. Clear jurisdiction.
That’s what Clarity is about. It’s time to get digital asset market structure across the finish line.
— Senator Cynthia Lummis (@SenLummis) March 19, 2026
Lummis described the bill’s current status as close to agreement, saying negotiators believe they have worked through much of the remaining language. She also said the Banking Committee should move the bill in April, while separately expressing confidence that the full Senate could still act later this year. Those comments came as industry and policy groups gathered in Washington for the DC Blockchain Summit.
Stablecoin yield remains the central hurdle
The main obstacle remains a dispute over stablecoin yield, a provision that has divided crypto firms and the banking industry for months. Banks have argued that allowing stablecoin issuers or platforms to offer rewards tied to token balances would make it harder for smaller banks to compete for deposits. Lummis said a compromise is taking shape that would remove language resembling bank product terminology from these rewards programs, though she also said she had not yet reviewed the latest draft.
Senate Banking Committee Chair Tim Scott said this week that a possible compromise on stablecoin yield could arrive soon. According to reporting on the talks, Senators Thom Tillis and Angela Alsobrooks are involved in negotiations with the White House over the issue. That language is seen as necessary before the bill can regain momentum in committee.
Even if stablecoin yield language is resolved, bipartisan support is still not assured. No Democrats on the Senate Agriculture Committee supported the earlier version of the bill. Senator Kirsten Gillibrand said the Agriculture portion would need major revisions to gain broader Democratic backing, and she renewed calls for strict ethics rules aimed at limiting the ability of senior government officials to profit from crypto businesses.
DeFi and ethics disputes still threaten passage
Another unresolved issue is decentralized finance. Some industry groups have warned they would walk away from the legislation if carve-outs for DeFi projects are narrowed too far. Democrats have pushed for stronger national security protections around those provisions, making DeFi one of the remaining points of negotiation as the bill heads toward markup.
The bill is also being shaped by debate over President Donald Trump’s ties to crypto businesses. Several Senate Democrats have argued that the legislation should restrict the president, vice president, members of Congress, and senior administration officials from issuing or promoting crypto assets or stablecoins. Gillibrand said such language is needed to win more Democratic votes, while Republicans and the White House have treated those demands as difficult to accept.
That leaves the Clarity Act facing a narrow legislative path. After a Banking Committee vote in late April, the bill would have only a few weeks in May to secure floor time, pass key votes, and survive other Senate priorities before the Memorial Day recess begins on May 21. Moreno’s warning about a May deadline reflects that compressed calendar and the political slowdown expected as the midterm elections draw closer.
April vote could decide the bill’s 2026 path
If the Senate can move the bill through committee next month, the next stage would be combining the Banking and Agriculture versions into one package for floor consideration. That process will depend not only on crypto policy negotiations but also on Senate scheduling, which remains crowded with unrelated legislative fights and debate over the war in Iran.
For now, lawmakers are framing April as the decision point. Lummis says the markup is back on the calendar, while Moreno says the window may close in May. With stablecoin yield, DeFi treatment, and ethics language still under negotiation, the next few weeks are likely to determine whether the Senate advances a national crypto market structure bill in 2026.
