The proposed Digital Asset Market Clarity Act, designed to establish US crypto market structure rules, faces mounting delays as lawmakers race against a shrinking 2026 legislative calendar.
Negotiations have stalled over disagreements on stablecoin rewards, with Republican Senator Thom Tillis continuing talks with banking groups that argue such programmes could threaten traditional deposit models.
“You can’t be for CLARITY and against rewards, it’s one or the other,”
Said Paul Grewal, reflecting industry pressure to preserve yield-like incentives.
A Senate Banking Committee hearing expected in May remains critical to keeping the bill alive, with advocates aiming for full Senate passage by July before lawmakers shift focus to elections.
The legislation must still be reconciled with a separate version passed by the Senate Agriculture Committee, while additional provisions, including ethics rules and regulatory appointments, remain unresolved.
If approved, the bill would follow the Guiding and Establishing National Innovation for U.S. Stablecoins Act as a second major US crypto law, though lingering disputes from that earlier legislation are now contributing to delays.
Industry and political hurdles remain significant, with analysts at Galaxy estimating the chances of passage in 2026 at around 50-50, as timing pressures and unresolved negotiations continue to threaten progress.