Ripple CEO Brad Garlinghouse used a new public forum to argue the deal is close. At the Semafor World Economy on Monday, Garlinghouse said that the frustration around the Act’s delay could force a compromise claiming that “I think we’re there.”
The Senate Banking Committee had planned a market structure markup for January 15, 2026. That plan later fell apart during the stablecoin yield dispute.
Congress returned from Easter recess on April 13, 2026, with the window narrowing. Industry lobbyists now focus on a late April markup, but no date is locked.
The House cleared the CLARITY Act in July 2025 by a 294–134 vote. House supporters framed it as market structure and consumer protection.
Stablecoin yield compromise drives the CLARITY Act logjam
The core fight looks simple, but it hits banking plumbing. Banks warn that high stablecoin yield could pull deposits away. Crypto platforms argue that rewards keep users in dollar tokens and payments.
The GENIUS Act, signed in July 2025, already limits issuer behavior. The White House says it requires one-to-one reserves for stablecoins. It also bars issuers from paying yield to holders.
That left a channel for intermediaries. An exchange can custody stablecoins and share revenue with customers. Lawmakers then face the “interest by another name” problem.
Draft compromise text described in industry briefings draws a new line. It would ban yield on stablecoin balances by platforms and affiliates. It would allow rewards tied to activity, like payments or loyalty programs.
The draft also pushes agencies into definitional work. The SEC, CFTC, and Treasury would get up to 12 months to define permissible rewards. They would also write anti-evasion rules.
A new White House study adds pressure on bank claims. It estimates that a yield prohibition raises bank lending by $2.1 billion. It also estimates a net welfare cost of $800 million.
That tradeoff matters for negotiators. The report calls the lending benefit small in baseline settings. It frames consumer returns as the larger economic swing.
Stablecoin rewards sit inside distribution deals and custody rails. Some platforms market rewards as “earn” products. Others fold them into fee rebates or subscription perks.
That is why draft language targets “economically equivalent” arrangements. It tries to close affiliate workarounds and marketing relabels. The fight now is where incentives end and interest begins.
CLARITY Act mechanics split SEC and CFTC roles in markets
The market-structure bill aims to end the “who regulates what” confusion. A CRS overview says it gives the CFTC a central role over digital commodities. It preserves parts of SEC authority over primary market activity.
CRS also details how the framework treats maturity and disclosures. It describes “mature blockchain” criteria and an SEC certification path. It also outlines a fundraising exemption with limits and filings.
The House version also targets conduct rules for trading venues. A House press release highlights segregation of customer assets and limits on commingling. It also flags tailored disclosures and intermediary registration.
The same House release cites anti-money laundering hooks. It says Bank Secrecy Act requirements would apply to firms registered under the framework.
The Senate has parallel workstreams that must converge. On January 29, 2026, the Senate Agriculture Committee advanced the Digital Commodity Intermediaries Act. The committee said it builds on the House-passed CLARITY Act and expands CFTC authority.
That split matters for process. The Senate must align committee products before a floor vote. Any final package must also reconcile with the House bill.
CLARITY Act support widens as Bessent and Armstrong press
Public pressure rose in early April. As reported by The Coinheadlines, Treasury Secretary Scott Bessent urged Congress to pass the CLARITY Act. He said unclear rules push crypto activity abroad.
Coinbase CEO Brian Armstrong echoed that call online. In an April 2026 post, he thanked Bessent and said it was time to pass the CLARITY Act.
The Senate Banking Committee’s majority also published fact sheets ahead of markup. It said the bill draws a bright line between SEC and CFTC jurisdiction. It also said it targets investor protection and illicit finance.
Markets treated the stablecoin yield section as real money. The Wall Street Journal reported Circle shares slid on compromise news. Coinbase also fell the same day.
Those reactions show why the language gets technical fast. A balance-based reward looks like bank interest to lawmakers. An activity-based reward looks like a payments incentive to platforms.
What happens next after CLARITY Act markup, if it happens
The next step is Senate Banking markup, and it remains the bottleneck. Chairman Tim Scott announced a January 15 markup plan, but that schedule did not hold. The committee has not announced a new date.
If markup happens, the clock speeds up but does not end. The bill would still need a Senate floor vote, likely under a 60-vote threshold. It would then need reconciliation with the Senate Agriculture version. It would also need House-Senate reconciliation and a signature.
Lawmakers and analysts keep pointing to the second half of April as the usable window. As reported Senator Cynthia Lummis saying a markup should happen in that period. Moreover, Bernie Moreno warned that delay past May could stall progress.
The yield text could still shift in public view. Meanwhile, Senator Thom Tillis plans to release a revised stablecoin yield draft this week. That draft aims to settle the last major dispute before markup.
Even then, other issues remain on the table. House lawmakers have flagged executive-branch conflict concerns in earlier debates. Industry trackers also point to DeFi and ethics language as open items.
The markup calendar will decide which version moves first. It will also decide how much time remains for conference work. Senators involved in talks now treat April as the decision point.
Staff still must translate the compromise into enforceable definitions. Regulators will also face deadline pressure once Congress sets a final text. That follow-on work can shape compliance costs for years.