Negotiators in Washington are reportedly closing in on a compromise around the US CLARITY Act, a market-structure bill meant to define how digital assets are regulated and which agencies take the lead. Ripple executives describe the discussions as increasingly productive, while its CEO Brad Garlinghouse has publicly assigned high odds to the act passing by the end of April, even as banks and crypto firms continue to spar over trading, token classification, and custody rules. Parallel initiatives at the commodities regulator and the Federal Reserve signal a broader regulatory shift that could reshape how crypto markets are supervised and margined.