White House · Donald Trump · US Senate · US Congress · CoinDesk
Clarity Act, in the flesh, released by U.S. Senate Banking Committee before hearing
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The legislation that could fully insert the U.S. crypto industry into the regulated financial system has emerged in its latest form, with the Senate Banking Committee unveiling the market structure bill's text after midnight on Tuesday in advance of this week's hearing that's set to push the effort forward.
Key facts
- Last year, the Guiding and Establishing National Innovation for U.S. Stablecoins of 2025 (GENIUS) Act succeeded on a 68-30 vote in the Senate, easily clearing the minimum
- Meanwhile, Democrats won't allow the bill to move without such a section, Senator Kirsten Gillibrand said last week at Consensus Miami 2026
- The White House's Witt said last week that the administration is aiming for a July 4 finish for the Clarity Act, though Senator Gillibrand predicted its completion by the first week of August
- While an approval in the committee would mark a major, long-stymied step forward, the bill's arrival at President Donald Trump's desk is far from assured
Summary
The latest version of the Clarity Act was released by the U.S. Senate Banking Committee, revealing the details of the crypto market structure plans moving through Congress. The text, set for a committee hearing this week, wasn't expected to include any big shocks, reflecting months of debate and negotiation over stablecoin yield and the handling of the decentralized finance sector. The latest version wasn't expected to offer many surprises for the crypto industry that's already had a chance to dig through it privately, but it includes still-contentious language on stablecoin yield and it maintains legal protections for decentralized finance (DeFi) developers, keeping that corner of the crypto sector happy (so far).
"This bill reflects serious, good-faith work across the committee and delivers the certainty, safeguards, and accountability Americans deserve," committee Chairman Tim Scott said in a statement.