CLARITY Act Moves Closer to Passage With Bipartisan Backing, Industry Support Still Seen as Decisive

Key takeaways: Senate Banking Committee Chair Tim Scott says bipartisan support for the CLARITY Act is now in place, with stablecoin yield rules still the central sticking point. Scott argues the bill's prospects ultimately hinge on the crypto industry uniting behind it. As the U.S. crypto sector awaits progress on the long-anticipated CLARITY Act, Senate Banking Committee Chairman Tim Scott said the legislation is approaching final passage. He said the market structure measure now has support from Republicans and Democrats, adding that the White House is aligned. "We now have Republicans and Democrats working together. The White House agrees as well. I am very optimistic about where we are," Scott said. Scott cautioned that one major ingredient remains: broad buy-in from the crypto industry. He said the bill could be finalized as early as Easter. If enacted, the CLARITY Act would represent a major step in U.S. crypto regulation by establishing clearer legal lines for the sector. The proposal seeks to differentiate digital commodities such as Bitcoin and Ethereum from securities and would grant the Commodity Futures Trading Commission (CFTC) explicit authority over those assets. The CLARITY Act passed the House of Representatives last year with broad support, raising expectations for swift approval. The measure later slowed in the Senate amid prolonged debate over key provisions, notably stablecoin regulation and yield-related rules. Stablecoin yield provisions drew strong pushback from the banking industry, which warned they could undermine banks by pulling investor funds into crypto products. Crypto executives countered that yield programs are important for industry growth. Scott said the White House and Senate have recently reached agreement on that provision. With the next markup meeting scheduled for April 13, market participants increasingly expect the bill to clear the Senate. Even after the White House-Senate agreement, major crypto firms are still scrutinizing the final language and voicing concerns. Coinbase has publicly objected, with CEO Brian Armstrong saying the company "can't support the bill as written." Scott said talks continue among major stakeholders, including Coinbase. "I spoke with Coinbase. Everyone is still at the table…Work to be done," he said. Scott framed the CLARITY Act as broader than a crypto-specific measure, arguing it is important to maintaining U.S. economic strength globally. The post CLARITY Act Nears Finish Line, but Industry Support Remains Key, Says Tim Scott appeared first on The Coin Republic.