The proposed CLARITY Act may face slim chances of passing this year if it fails to advance within the next several weeks, according to industry analysts.
Alex Thorn said the bill must clear committee by the end of April and reach the Senate floor by early May to maintain realistic passage odds.
“If CLARITY doesn't pass committee by the end of April, odds of passage in 2026 become extremely low,”
Thorn said.
Legislative momentum has slowed after John Thune indicated the Senate is prioritising other legislation before taking up the crypto market structure bill.
Debate around whether stablecoin rewards could disrupt the traditional banking system has emerged as a central point of contention between financial institutions and crypto advocates.
However Thorn warned that additional issues such as decentralised finance oversight, developer protections and regulatory authority could surface even if the stablecoin reward debate is resolved.
Angela Alsobrooks said both banking and crypto industry groups may need to compromise for the legislation to progress.
Meanwhile, analysts at TD Cowen suggested comprehensive crypto market structure legislation could be delayed until after the next election cycle, potentially taking effect as late as 2029.