US Senate Eyes April Vote on Landmark Crypto Market Structure Bill

Senator Cynthia Lummis claimed the Senate Banking Committee plans to mark up the Digital Asset Market Clarity Act in the second half of April, basically reviving the legislation that has been delayed for months by disputes over stablecoin yield and ethics rules (according to banks).

The CLARITY Act would divide digital asset oversight between the Securities and Exchange Commission and the Commodity Futures Trading Commission. 

Under the bill, the CFTC would regulate digital commodity spot and derivatives markets, while the SEC would keep authority over tokens that qualify as securities.

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Barring Members of Congress

Another major sticking point is an ethics provision backed by Democrats. It would bar members of Congress and senior administration officials, including the president and vice president, from issuing cryptocurrencies or stablecoins or benefiting financially from them. 

The issue gained prominence as some Democrats linked the debate to the president’s family’s crypto-related gains.

Lummis said negotiators were close to an agreement. Senator Bernie Moreno has warned that if the bill is not passed by May, the chances of digital asset legislation moving before the November 2026 midterm cycle will drop sharply.

Even if the Banking Committee approves its version in April, the Senate would still need to reconcile it with the Agriculture Committee’s bill before a full floor vote. 

State securities regulators have also raised concerns, arguing that a stronger federal framework could weaken investor protections by limiting state oversight.

The House passed its version of the bill on July 17, 2025. In the Senate, the Agriculture Committee advanced its version on January 29 by a 12-11 vote along party lines. The Banking Committee had planned to mark up its draft on January 15, but canceled the session a day earlier as negotiations continued. More than 137 amendments were proposed.

One of the main unresolved issues is whether stablecoin issuers should be allowed to offer yield. The banking industry has opposed that idea, arguing it could pull deposits away from traditional banks. 

A compromise under discussion would ban yield on idle stablecoin balances but allow transaction-based rewards.

Read more: OpenSea Delays SEA Token Launch as Crypto Market Headwinds Persist

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