What Does the Market Structure Bill ‘CLARITY Act’ Need to Pass in 2026?
The CLARITY Act faces Senate hurdles regarding stablecoin yield, conflict-of-interest rules, and DeFi oversight before a potential 2026 passage.Summary
The crypto market structure bill, the CLARITY Act, which passed the House in July, faces significant uncertainty regarding its passage in the Senate by 2026. Key unresolved issues slowing momentum include how the legislation will treat yield-bearing stablecoins, conflict-of-interest language, and the regulation of decentralized finance (DeFi).
In the Senate, the Banking and Agriculture committees are working on parallel frameworks, but a unified bill is needed. A major dispute centers on stablecoin yield; banking groups are pushing for broader restrictions beyond the narrow limits set by the GENIUS Act, aiming to cover all yield associated with stablecoins to prevent competition with bank deposits.
Furthermore, debates continue over conflict-of-interest language, spurred by concerns over political influence, which is absent from the House bill. Finally, the bill's focus on centralized intermediaries leaves the oversight of DeFi unresolved, as traditional finance advocates push for classifying non-custodial actors like developers and validators as regulated entities, a move that would drastically expand federal oversight.
(Source：BeInCrypto)