The bill passed the House of Representatives in September 2025 and was referred to the U.S. Senate Banking Committee, where it was expected to receive a markup vote on Jan. 15. That vote was abruptly postponed after Coinbase threatened to withdraw its support, citing concerns over stablecoin yield restrictions, expanded regulatory authority, and provisions it said favored large banks.

David Sacks, the Trump administration’s crypto and AI czar, has described the current legislative fight as an inevitable negotiation between competing financial models. “A good compromise is everyone leaves a little bit unhappy,” Sacks remarked, arguing that market structure legislation will ultimately lead to the convergence of banking and crypto into a single digital assets industry.

Sacks said:

“After market structure passes, the banks are gonna get fully into the crypto industry, so we’re not gonna have a separate banking industry and crypto industry. It’s going to be one digital assets industry.”

Sacks added that the stablecoin yield debate reflects a broader question about regulatory parity. He suggested banks may eventually warm to stablecoin rewards once they participate directly in issuance, but stressed that harmonized oversight remains unresolved. “Everyone offering the same products should be regulated in the same way, and we want to get to that harmonization,” Sacks said.

The CLARITY Act is designed to clarify regulatory jurisdiction over digital assets, dividing oversight responsibilities between the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC). It builds on the earlier GENIUS Act, which established a federal framework for stablecoins while prohibiting issuers from directly paying interest to holders.

At the center of the current impasse is what critics describe as a loophole in the GENIUS Act. While issuers are barred from paying yield, third-party platforms such as exchanges may still offer rewards. Banking trade groups argue this could draw deposits away from federally insured banks, weakening lending capacity and harming smaller institutions.

Crypto firms have pushed back forcefully, framing the proposed restrictions as anti-competitive. Coinbase’s withdrawal of support in mid-January was widely viewed as a turning point, prompting Senate Banking Committee leaders to delay the markup without announcing a new date.

Eric Trump has echoed that criticism, placing responsibility squarely on large financial institutions. “The big banks have been an absolute monopoly over our financial system for years,” Trump said, arguing that legacy systems benefit from inefficiency. “The big banks are doing everything they can to stop some of the crypto legislation for obvious reasons,” he emphasized.

Trump pointed to slow settlement times and restrictions on traditional wire transfers as examples of friction that digital assets aim to eliminate. He argued that crypto-based systems allow capital to move instantly and efficiently, threatening entrenched profit models tied to deposit float and interest capture.

While the Banking Committee remains deadlocked, attention has shifted to the Senate Agriculture Committee, which oversees commodities regulation and is expected to release a revised draft of the bill as early as today. That draft could pave the way for a committee vote as soon as next week, depending on how lawmakers address the stablecoin yield issue.

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Even if the Agriculture Committee advances its version, the broader legislation still faces hurdles. Any final bill would need to reconcile differences between committee drafts before returning to the full Senate for consideration.

Timing is also a factor. With the 2026 midterm elections approaching, lawmakers may be reluctant to push through sweeping financial legislation amid active lobbying from both the banking and crypto sectors. Some industry participants have publicly suggested that no bill would be preferable to one they view as overly restrictive.

For now, the CLARITY Act remains in legislative limbo, caught between competing visions for the future of digital finance. As Sacks and Trump have framed it, the debate is less about whether crypto will integrate into the financial system and more about who shapes the rules governing that integration.

• What is the CLARITY Act?
  The CLARITY Act is a proposed U.S. law aimed at defining regulatory oversight for digital assets and crypto markets.
• Why was the Senate markup delayed?
  The Senate Banking Committee postponed the vote after Coinbase withdrew support over stablecoin yield bans and regulatory concerns.
• What role do stablecoins play in the dispute?
  Banks argue stablecoin rewards could pull deposits from traditional institutions, while crypto firms see the restrictions as anti-competitive.
• When could the bill move again?
  The Senate Agriculture Committee may vote on a revised draft as early as next week, though broader passage remains uncertain.

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