Legislative efforts to regulate the American digital asset market reached a significant turning point today as two key Senate committees established formal timelines for the Digital Asset Market Clarity Act (CLARITY Act). This development signals a coordinated push to finalize rules before the 2026 election cycle begins.

Senate Banking Committee Chairman Tim Scott officially released an updated 278-page amendment on Jan. 12, setting the stage for a critical committee markup this Thursday, Jan. 15. The new text addresses a primary point of contention regarding stablecoin rewards by prohibiting platforms from paying yield solely for holding assets while allowing incentives tied to specific network activity or transactions. The lawmaker said:

“Families and small businesses benefit from clear rules of the road. This bill reflects months of serious work, ideas, and concerns that have been raised across the Committee, and it gives everyday Americans the protections and certainty they deserve.”

“Investors and innovators can’t wait forever while Washington stands still, and bad actors exploit the system. This legislation puts Main Street first, cracks down on criminals and foreign adversaries, and keeps the future of finance here in the United States,” he added.

The draft also establishes a framework for banks to engage with digital assets under strict safety standards. To support this rollout, Republicans launched a “Myth vs. Fact” campaign today, framing the legislation as a national security priority that provides necessary oversight to prevent future market failures while keeping innovation within the United States.

Read more: US Crypto Framework Advances as Senate Banking Schedules Market Structure Markup

Simultaneously, Senate Agriculture Chairman John Boozman announced a formalized timeline on Jan. 13 to ensure the Commodity Futures Trading Commission’s portion of the bill receives a thorough bipartisan review. While originally considered for earlier in the month, the Agriculture Committee markup is now scheduled for Tuesday, Jan. 27, with the final legislative text set for public release on Jan. 21.

Boozman noted that this additional time is essential for finalizing details with Democratic partners, particularly Senator Cory Booker. This dual-track approach across two powerful committees illustrates an effort to merge the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) jurisdictions into a single, cohesive floor vote later this spring. The lawmaker commented:

“This schedule ensures transparency and allows for thorough review as the committee moves forward with legislation to provide clarity and certainty for crypto markets.”

“I’m grateful to Senator Booker, who continues to be a great partner, as well as our to staff for their hard work and dedication to create new rules to protect consumers while also supporting American innovation,” he noted.

Despite this progress, the bill faces an aggressive eleventh-hour challenge from influential critics who argue the current pace is too fast. Senator Elizabeth Warren issued a formal warning to the SEC today, urging the agency to block digital assets from 401(k) retirement plans and citing recent market volatility as evidence of systemic danger. Additionally, a coalition of over 250 consumer advocacy groups and labor unions sent a joint letter to the Senate today, claiming the CLARITY Act could create loopholes for unregulated banking activities. With the Banking Committee markup only two days away, these opposing forces are clashing over whether the bill represents a common-sense regulatory win or a risky concession to the digital finance industry.

• What is the Digital Asset Market CLARITY Act?
  It is a Senate-backed bill designed to establish clear federal rules for U.S. crypto and digital asset markets.
• Why are Senate committees moving quickly on the CLARITY Act?
  Lawmakers aim to finalize market structure rules before the 2026 election cycle begins.
• How does the CLARITY Act address stablecoin rewards?
  The draft bans yield for simply holding assets while allowing incentives tied to network activity or transactions.
• What opposition does the CLARITY Act face?
  Critics including Senator Elizabeth Warren and consumer groups warn it could increase financial risk and weaken oversight.

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