The Senate Banking Committee is set to hold its markup vote on the Clarity Act this week, the first crypto market-structure bill to clear a major Senate hurdle. Coinbase CEO Brian Armstrong told Fox Business that a compromise had been reached on the most contentious provision — a Senate-bank-lobby push to ban yield on idle stablecoin balances — by allowing rewards only when accounts show material activity such as a payment or trade. Armstrong credited Senators Brooks and Tillis and their staff for brokering the deal, calling the legislation "in the best place that we've seen so far."
The committee vote follows the Senate Agriculture Committee's earlier markup and still leaves a full Senate floor vote ahead. More than 100 amendments have been filed, the bulk from Democratic members including over 40 from Senator Elizabeth Warren, though Republicans retain majority control in both chambers this year. The White House has publicly targeted a July 4 signing window for the bill into law.
Why it matters
The Clarity Act is the first credible US framework that defines which agency — SEC or CFTC — supervises digital-asset trading, lending, and tokenization. Rick Edelman argued the bill's passage will be remembered as "the day that Wall Street got the green light" to engage crypto at scale, pointing to Morgan Stanley's recent directive that its 16,000 advisers allocate 2–3% of client portfolios to crypto against the firm's roughly $7T in managed assets. Armstrong framed the deal as resolving not just stablecoin yield but also the DeFi, tokenized-equities, and CFTC-authority disputes that had stalled the January draft.
Market impact
Edelman said he would "not at all be surprised" to see Bitcoin end the year above $150,000 once institutional rebalancing kicks in, while the channel noted BTC has already recovered from a $63,000 low to above $80,000. Armstrong's stablecoin-yield concession is the concrete policy shift; the Senate floor vote and the July 4 signing window are the catalysts to watch. Even after Banking clears the bill, Senate Agriculture must sign off and the full chamber must pass it before it reaches the president's desk.
Frequently asked questions
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What is the Clarity Act?
The Clarity Act is the US crypto market-structure bill that defines which agency — SEC or CFTC — supervises digital-asset trading, lending, and tokenization. The House has already passed it; the Senate Banking Committee is now holding its markup vote.
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What did Coinbase's Brian Armstrong say about the stablecoin-yield fight?
Armstrong told Fox Business that a compromise had been reached: stablecoin rewards can still be paid, but only when accounts show material activity such as a payment or a trade. He credited Senators Brooks and Tillis and their staff for brokering the deal.
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Why is the Senate Banking Committee vote not the final vote?
The Banking Committee vote is one of two committee hurdles — the Senate Agriculture Committee held its own markup earlier this year. After Banking clears, the bill still needs a full Senate floor vote and House reconciliation before reaching the president's desk.
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How many amendments were filed against the Clarity Act?
More than 100 amendments have been filed, with the bulk coming from Democratic lawmakers, including over 40 from Senator Elizabeth Warren. Republicans retain majority control in both chambers this year, so most of the amendments are not expected to pass.
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What is the White House's signing target for the Clarity Act?
President Trump has publicly stated he is aiming to sign the Clarity Act into law by July 4. That timeline depends on the bill clearing the Senate Banking Committee this week, the Senate Agriculture sign-off, and a successful full Senate floor vote.
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