CLARITY Act Becomes a Major US Political Test as Senate Deadline Approaches
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The Senate Banking Committee advanced the CLARITY Act 15-9 in May and Senate Agriculture approved a CFTC-focused framework in January, but leadership has not scheduled a floor vote so regulatory clarity for crypto remains pending. Major disputes over stablecoin rewards, banking competition, ethics and illicit finance controls — with banks warning crypto products could draw deposits — have turned market structure into a broader political test affecting DeFi, token markets and SEC/CFTC jurisdiction.
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- Senate Banking advanced the CLARITY Act 15-9, but leadership has not scheduled a floor vote.
- Stablecoin rewards remain disputed as banks warn that crypto products could draw deposits away.
- Democrats seek stronger ethics and illicit finance rules before supporting final Senate passage.
Congress has largely settled the CLARITY Act’s original regulatory question. Lawmakers broadly support dividing digital asset oversight between the SEC and CFTC. Yet disputes involving ethics, banking competition, stablecoin rewards, and financial crime controls now determine the bill’s path. Those issues have turned market structure into a wider political test.
Notably, Senate Banking advanced the measure through a bipartisan 15-9 vote in May. Senate Agriculture also approved a separate CFTC-focused framework in January. Still, Senate leaders have not scheduled floor action, w…
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