CoinDesk
The U.S. Senate Banking Committee is being pressed to mark up the CLARITY Act in the near term, the companion piece to the GENIUS Act that would extend a federal regulatory framework to the broader digital asset market beyond payment stablecoins. The call comes nine months after Congress passed GENIUS, a bill that helped drive the stablecoin market up 49% in 2025 to roughly $306 billion and pulled institutional capital back onshore.
Why it matters
CLARITY is the legislative vehicle for everything GENIUS left on the table: registration and oversight of trading venues and intermediaries, jurisdictional lines between the SEC and CFTC, token-lifecycle disclosure and compliance rules, and statutory protection for non-custodial technologies. The crypto market is now worth $3.2 trillion, and roughly 70 million Americans — one in five — own digital assets, putting the policy stakes well beyond any single product category. Senators Tillis and Alsobrooks have already resolved the most contested provision in months of negotiations, the stablecoin yield treatment, in a bipartisan compromise that expanded the scope of the GENIUS prohibition framework across the broader market.
Market impact
The framing is explicitly competitive: the piece notes that nearly 90% of global centralized-exchange volume already sits offshore, the pool of U.S. developers has fallen 51% over the past decade, and the EU, Singapore, and the UAE have already enacted market-structure regimes with the regulatory clarity Congress has yet to deliver. The CLARITY Act passed the House with 294 votes, and the Senate Banking Committee is described as closer to a durable outcome than at any prior point in the two-year process — but the calendar leaves limited runway to move a bill of this scope through committee, floor consideration, and final passage before year-end.
Frequently asked questions
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What is the CLARITY Act and how does it relate to the GENIUS Act?
CLARITY is the broader companion to the GENIUS Act: GENIUS established a federal framework for payment stablecoins, while CLARITY would extend oversight to digital asset trading venues, intermediaries, the SEC-CFTC jurisdictional line, token-lifecycle disclosure, and non-custodial technologies.
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What has the GENIUS Act accomplished in the nine months since it passed?
The piece credits GENIUS with helping drive the stablecoin market up 49% in 2025 to roughly $306 billion, securing provisional national banking charters from the OCC for Circle and Ripple, and shifting 90% of senior crypto leadership searches back to U.S.-based roles.
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Which provisions of CLARITY are still being negotiated?
The most contested provision was the stablecoin yield treatment, which Senators Tillis and Alsobrooks resolved in a bipartisan compromise that broadened the GENIUS prohibition framework across the broader digital asset market, with the industry making significant concessions.
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What competitive pressure is the U.S. facing in digital asset market structure?
The piece cites that nearly 90% of global centralized-exchange volume is already offshore, the U.S. developer pool has fallen 51% over the past decade, and the EU, Singapore, and the UAE have already enacted market-structure regimes with regulatory clarity Congress has yet to deliver.
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What is the legislative timeline for CLARITY?
CLARITY passed the House with 294 votes, and the Senate Banking Committee is described as closer to a durable outcome than at any prior point, but the legislative calendar leaves a narrow window to move a bill of this scope through committee, floor consideration, and final passage before year-end.
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