TLDR
- Ripple CEO Brad Garlinghouse says the CLARITY Act could pass by end of May
- Coinbase CEO Brian Armstrong reversed his opposition and now supports the bill
- The main sticking point has been stablecoin yields — banks vs crypto firms
- Senator Thom Tillis may release a stablecoin yield draft agreement this week
- The Senate Agriculture Committee approved its portion; the Banking Committee has not yet scheduled its vote
The CLARITY Act is moving closer to a Senate vote, with two of the biggest names in crypto now backing the bill.
Ripple CEO Brad Garlinghouse spoke at the Semafor World Economy Summit on April 13. He said talks between banks and crypto companies over stablecoin yields are nearly done.
“When people are at their peak frustration, that’s when they finally compromise, and it gets done,” Garlinghouse said. “I think we’re there.”
🚨 JUST IN: #Ripple CEO @bgarlinghouse says he’s still optimistic on the CLARITY Act at Semafor World Economy.
“When people are at their peak frustration, that’s when they finally compromise and it gets done. I think we’re there.” pic.twitter.com/mTGjxLvkJt
— RippleXity (@RippleXity) April 14, 2026
He now expects the bill to pass by the end of May. That’s a slight delay from his earlier prediction of an April deadline.
Coinbase CEO Brian Armstrong also came out in support of the bill this week. He posted on X that the updated bill is strong enough to pass. This is a reversal from his positions in January and March, when he pulled support before a key Senate Banking Committee vote.
Armstrong had raised concerns about stablecoin yield restrictions and rules around tokenized equity. He said recent negotiations addressed those issues.
Where the Bill Stands Now
The House passed the CLARITY Act in July 2025. Senate progress has been slower due to disagreements between banks and crypto firms.
The Senate Agriculture Committee approved its portion of the bill in January. The Senate Banking Committee has not yet scheduled its markup vote. That vote must happen before the full Senate can vote on the bill.
Coinbase’s Chief Legal Officer Paul Grewal said lawmakers are close to a final agreement. Senator Thom Tillis could release a draft stablecoin yield compromise this week.
The bill splits crypto oversight between securities and commodities regulators. That means two Senate committees need to align before it can move forward.
Stablecoin Yields at the Center of the Debate
The biggest dispute has been over whether crypto platforms can offer yields on stablecoins.
Banks argue that allowing yields on stablecoins would pull deposits away from traditional banks, especially smaller community banks.
The White House studied this issue and found the deposit flight risk is “quantitatively small.” It also estimated that a full ban on stablecoin yields could cost consumers $800 million per year.
The American Bankers Association pushed back, saying the White House study focused on the wrong question.
Treasury Secretary Scott Bessent urged Congress to pass the bill. He warned that time is running out to give the crypto industry clear rules.
Donald Trump has also called for faster movement on crypto regulation. Reports say Armstrong met with Trump ahead of his public endorsement of the bill.
A compromise on yield provisions has helped move talks forward. The Senate is expected to resume CLARITY Act discussions this week.
