US CLARITY Act Update

The US CLARITY Act is stuck in a four-way Senate fight, with Senator Bernie Moreno warning that missing the May window risks pushing comprehensive crypto legislation off the calendar until after the 2026 midterms. The core stablecoin yield dispute has a framework in place, but the bill's progress is now hindered by the five-step process required for its passage. The Tillis-Alsobrooks compromise has resolved the stablecoin yield dispute, but the bill's fate now depends on the Senate Banking Committee markup, a full Senate floor vote, and reconciliation with other committees. The May deadline is critical, and any delay could have significant implications for the crypto industry. The Senate Banking Committee markup, scheduled for later this month, will be a key event to watch, as it will determine whether the bill can move forward and meet the May deadline, with Senator Bernie Moreno's warning serving as a reminder of the urgency of the situation.