Why April 13 Will Decide the Clarity Act’s Fate

CLARITY Act negotiations have entered a narrow Senate window as lawmakers weigh whether to move the bill before May, when the congressional calendar tightens and midterm politics begin to dominate. The bill already passed the House by a 294-134 vote and aims to create a statutory framework for U.S. crypto regulation. Recent Senate activity, a new stablecoin yield compromise, and a House hearing on tokenization have added momentum. However, the timeline is still compressed, and a number of unresolved issues could still push back the next step.

Senate Calendar Creates a Short Window

The Senate timetable now drives the outcome. The bill has cleared the House and Senate Agriculture Committee, but five steps remain. These include the Senate Banking Committee markup, reconciliation, a Senate floor vote, a conference, and a presidential signature.

Lawmakers are targeting April 13 to April 20 for the Senate Banking Committee markup. That period follows the Easter recess and is now the key event. If markup slips beyond that window, the Clarity Act bill may face delay. Memorial Day recess begins on May 21, leaving limited time for floor action and conference work.

Coingape recently predicted how CLARITY ACT might impact major crypto prices.

Following the updates, Senator Bernie Moreno said that failure to pass the measure by May could push the digital asset legislation back until 2027. However, Senator Cynthia Lummis pointed out that the Banking Committee is going to reconsider the bill in the second half of April. At the same time, Senate Banking Republicans are weighing separate draft legislation, including the RFIA, which adds another layer to the legislative path.

Stablecoin Debate and Tokenization Hearing Determine Next Phase

A long-running dispute over stablecoin yield remains a major sticking point. The latest compromise would ban yield offered “directly or indirectly” on passive stablecoin balances. However, it may still allow activity-based rewards tied to promotions or user programs. The proposal would also direct the SEC, CFTC, and Treasury to define permitted rewards and anti-evasion rules within one year.

Industry reaction has been mixed. Reports on the draft language described concerns about vague standards tied to “economic equivalence” with interest. Market reaction followed, with Circle stock falling 20% and Coinbase declining about 10%.

CLARITY Act Sets New Lines for Crypto Regulation

The CLARITY Act creates three asset categories: digital commodities, investment contract assets, and permitted payment stablecoins. Under the proposal, digital commodities would fall under the CFTC. Investment contract assets would be placed under SEC oversight during fundraising, then shift to commodity status once the blockchain meets maturity standards. Stablecoins would remain a separate category under the GENIUS Act.

The bill also requires intermediaries to register and follow customer protection rules. These include segregated customer funds, the use of qualified custodians, and risk disclosures. In addition, the measure allows blockchain-based documentation and blocks a state-by-state network for digital commodities. As a result, the proposal frames crypto regulation as a statutory system rather than one formed through enforcement cases.

The bill also brings in the idea of a mature blockchain. Under that structure, a project can move from securities treatment to commodity treatment once it meets decentralization standards. The measure also includes a capital-raising exemption for certain token offerings, capped at $75 million, subject to disclosure requirements and ongoing updates.