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.
Banking groups argue third-party reward programmes could drain deposits from insured banks and harm smaller lenders.
Crypto firms have rejected that view, calling the proposed limits anti-competitive.
“The big banks have been an absolute monopoly over our financial system for years,”
Eric Trump said.
“The big banks are doing everything they can to stop some of the crypto legislation for obvious reasons,”
Eric Trump said.
Trump said digital assets threaten legacy profit models by enabling instant and efficient capital movement.
Attention has shifted to the Senate Agriculture Committee, which may release a revised draft soon.
Lawmakers face added pressure from the 2026 midterm elections and lobbying from both sectors.