Key Takeaways
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The CLARITY Act is gaining renewed momentum in Washington, with a July 4 deadline now on the table. -
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“It’s about giving the market permission to grow in the US,” said Jason Rindahl, CEO at Nebula DeFi. -
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A key flashpoint remains stablecoin yield, where a bipartisan compromise is facing pushback from banking groups concerned about deposit flight and competition.
Crypto executives say the Clarity Act could finally stabilize years of shifting US digital asset rules as lawmakers, regulators and industry groups push toward a potential summer breakthrough on market structure legislation.
CEO and founder of DonaFi, Joshua Kim, told DeFi Rate: “…It’s not perfect, but it finally feels like the rules might stop shifting every few months.”
Senator Cynthia Lummis said on Wednesday that the longer the legislation is delayed, the faster American crypto companies will move overseas, underscoring growing pressure in Washington to advance long-awaited digital asset market structure rules.
The White House is reportedly targeting a symbolic July 4 signing timeline, according to several US politicians, including Patrick Witt, the executive director of the President’s Council of Advisors for Digital Assets, who spoke with CoinDesk on Wednesday morning during this week’s crypto conference Consensus Miami.
Bitcoin (BTC), the largest digital asset by market capitalization, is reacting positively to the discussions, surging past $81,000 on Wednesday, up 31% since dropping to $62,000 in February. As momentum builds toward crypto market structure legislation markup, prediction market platforms such as Polymarket and Kalshi are not as bullish on the July 4 deadline being met. Clarity Act odds of passing are currently trading around 52% for before August, rising to 62% for passage before 2027.
Dylan Dewdney, the co-founder and CEO of Kuvi.ai, told DeFi Rate: “Let’s not pretend the timing is random. Pushing crypto market structure legislation like the CLARITY Act toward a July 4 signing is a clear attempt to align regulatory clarity with market momentum.”
Atkins calls for closer SEC-CFTC cooperation
The renewed legislative push comes as regulators signal a more coordinated approach to crypto oversight in Washington. Speaking at the Bitcoin 2026 conference in Las Vegas last week, US Securities and Exchange Commission (SEC) Chair Paul Atkins said regulatory clarity for digital assets remains a priority for both the SEC and the Commodity Futures Trading Commission (CFTC), while also emphasizing that durable market structure legislation is still needed to “future-proof” the industry.
CFTC Chair Michael Selig similarly pointed to ongoing harmonization efforts between both agencies, including recent joint crypto taxonomy guidance and a memorandum of understanding designed to reduce regulatory overlap.
DonaFi’s Kim highlighted that Atkins’ remarks on the SEC and CFTC alignment are “something the industry’s been begging for.”
Other experts highlighted that the key now is execution.
“Can they keep this focused and get it across the finish line?” asked Jason Rindahl, CEO at Nebula DeFi. “Because the second there’s real clarity, you’re going to see institutions, builders, and even AI-driven systems ramp participation fast. This isn’t about hype; it’s about finally giving the market permission to grow in the US.”
Stablecoin yield compromise and banking pushback shape final negotiations
While regulatory agencies move toward closer alignment, the final shape of the Clarity Act is still being negotiated around some of its most commercially sensitive provisions, particularly the treatment of stablecoin yield and related banking concerns.
A key breakthrough earlier this month came from a compromise led by Senators Thom Tillis and Angela Alsobrook, prohibiting payments that could be equivalent to bank interest on stablecoins while still allowing certain rewards tied to spending activity.
During Consensus Miami, Witt said the agreement helped unlock momentum toward committee markup, describing it as a necessary but uncomfortable balance.
“Bank lobbying remains the biggest obstacle, but ultimately even the banks will realize it’s in their interest to have clear regulation this year. When it comes to stablecoin rewards, the devil will be in the details, but that’s a longer-term question,” Nic Puckrin, a macro analyst and the co-founder of Coin Bureau, said.
Lobbying tension plays out in Washington
Industry opposition essentially reflects broader tension playing out in Washington, where banking groups have increasingly warned that crypto platforms are edging into territory traditionally reserved for deposit-taking institutions.
“…It’s creating friction with lawmakers who want innovation to move faster,” said Ivan Patriki, a fintech marketing specialist and the co-founder of QuantMap. “For fintech brands, that friction is the signal. The companies that show up with clear messaging and positioned products before the ink dries are the ones that capture the market when it opens up.”
The dispute also underscores a shifting balance of influence on Capitol Hill. Banking lobbyists, long dominant in financial policymaking, have found themselves increasingly at odds with a crypto industry that has poured hundreds of millions of dollars into political and lobbying efforts.
“No one wants to be blamed for driving innovation overseas while regions like the UAE and Asia move ahead with clearer frameworks. Given all this, I think it’s far more likely that the bill will pass before the midterms than it was a few months ago,” Coin Bureau’s Puckrin added.
