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U.S. Senators finalize CLARITY Act for the crypto market
U.S. senators are preparing to advance a new digital asset bill. The committee is expected to review the proposal in the second half of April. Recently, Senator Cynthia Lummis made an important statement, noting that the final text could be published within days.
Thus, prolonged negotiations have entered their final stage. The current version of the document differs significantly from earlier drafts.
New rules for stablecoin issuers
Over the past month, lawmakers resolved the most contentious issue — interest payments on stablecoins. The final compromise effectively bans passive yield on such balances, fully aligning with the strict requirements of the banking sector.
In return, the updated proposal allows limited rewards. However, these must be strictly tied to payments or active platform usage. This approach marks a clear departure from earlier proposals, which allowed broader income distribution. Crypto companies had long sought to preserve these rewards as a key user incentive. Ultimately, the industry conceded this position to secure bipartisan support.
Legal status of DeFi
At the same time, officials introduced measures to strengthen protections for decentralized finance (DeFi). The updated language is expected to provide crucial clarity. Software developers and non-custodial protocols will no longer be treated as financial intermediaries.
This change alleviates major concerns within the market. Previously, the industry strongly opposed the idea of imposing banking-level compliance requirements on independent developers.
Division of regulatory authority
The core structure of the bill remains unchanged. It still establishes a clear division of oversight between two key regulators. The Commodity Futures Trading Commission (CFTC) will oversee digital commodities, while the Securities and Exchange Commission (SEC) will retain authority over investment contracts.
Political pressure continues to shape the timeline. Senator Bernie Moreno warned that if the bill is not passed by May, the process could stall entirely, potentially delaying progress until after the 2026 midterm elections.
As a result, stakeholders are balancing speed with compromise. The act has the potential to deliver long-awaited regulatory clarity. In practice, however, the industry has had to give up some of its most desired features to achieve this outcome.
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