US Senate's Crypto Clarity Act Faces Tight Deadline, But Still Has a Chance to Pass

The US Senate's Crypto Clarity Act, a critical piece of legislation for the crypto industry, is facing a tight deadline, but it still has a path to survive the current legislative calendar. According to lobbyists and a lawmaker aide, a Senate committee hearing in May could keep the bill alive, as long as it can reach a final vote by July. However, the legislative calendar is running out of room for this year, and the Senate will essentially be in election mode until the November congressional midterms, making it a challenging task to pass the bill. The bill has been delayed due to a stablecoin yield debate, which has been raging for months, with bank lobbyists raising concerns that stablecoin rewards programs could jeopardize the banks' business model. The White House has intervened in the debate, with a top crypto adviser saying that further lobbying by banks on this issue is motivated by greed or ignorance. The bill's success is uncertain, with crypto investment firm Galaxy estimating the odds of it being signed into law in 2026 at roughly 50-50, and possibly lower. The industry is playing the long game on the political front, with crypto PACs devoting millions of dollars to build relationships with members of Congress from both parties.