The Senate Banking Committee’s schedule for the week of April 20 contains one item: a nomination hearing for Federal Reserve Chairman candidate Kevin Warsh. The CLARITY Act is absent.
Chairman Tim Scott, who controls the committee calendar, has not announced a markup date for the Digital Asset Market Clarity Act despite the Senate returning from Easter recess on April 13 and broad expectations that a committee vote would be called this month.
Three Hurdles Remain
Speaking on Fox Business, Scott cited three unresolved issues: the stablecoin rewards dispute between banks and crypto firms, outstanding DeFi provisions, and the need to align all Republican committee members. He indicated each issue could take another two weeks to resolve.
Senator Thom Tillis is expected to release final compromise language on stablecoin yield this week, which would represent the last draft text needed before Scott can schedule a markup.
The proposed framework bans passive yield on stablecoin balances while permitting activity-based rewards tied to transactions and platform engagement. Banks have pushed back on the draft. Tillis told Politico he remains open to further changes.
Also Read: Ripple CEO Garlinghouse Says CLARITY Act Is Close as Frustration Peaks
The May Deadline
The bill faces a structural time constraint. Senator Bernie Moreno has stated publicly that failure to reach the Senate floor by May effectively shelves the legislation for the rest of 2026 as midterm election politics consume the congressional calendar. Galaxy Research has calculated only 18 working weeks remain before the October midterm recess.
Even after a successful committee markup, the bill requires a 60-vote Senate floor threshold, reconciliation with the Senate Agriculture Committee version, reconciliation with the House version passed in July 2025, and presidential signature.
Polymarket currently prices the CLARITY Act’s passage in 2026 at 58%, down from 82% earlier this year.
Senator Cynthia Lummis has warned publicly that if the bill does not pass in this window, the next opportunity may not arise until 2030.
The bill has missed every previous legislative deadline set for it in 2025 and 2026.
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