The Digital Asset Market Clarity Act remains stalled in the US Senate after passing the House in September 2025.
The bill was expected to receive a markup vote in January but was delayed after Coinbase withdrew its support.
Coinbase cited concerns over stablecoin yield restrictions, expanded regulatory powers, and provisions it said favoured large banks.
David Sacks framed the delay as a negotiation between banking and crypto interests shaping future market structure.
“A good compromise is everyone leaves a little bit unhappy,”
David 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,”
David Sacks added.
Sacks said the debate over stablecoin yields reflects unresolved questions around regulatory parity across financial products.
The CLARITY Act seeks to divide oversight of digital assets between the CFTC and the SEC.
The legislation builds on the GENIUS Act, which bans stablecoin issuers from directly paying yield to holders.