US Senators File More Than 100 Amendments to Crypto Market Structure Bill

The U.S. Congress is considering the CLARITY Act, a crypto market structure bill that would divide regulatory authority over digital assets between the SEC and CFTC. The measure is seen as a cornerstone of a comprehensive U.S. crypto regulatory framework. Congress must vote before its August recess or face a significant delay, making the next few weeks a decisive window for the bill and a focus for markets and the industry.

In the latest development, three Democratic senators publicly opposed the CLARITY Act on ethics grounds, questioning whether public officials could profit from their own crypto holdings. With a vote expected in the coming days, the opposition has become the biggest uncertainty hanging over the bill’s passage. Despite continued lobbying by the banking industry, Congress currently has no plans to reopen negotiations on restrictions on stablecoin yields, leaving the relevant provisions likely to remain unchanged in the near term.

The U.S. House Financial Services Committee is advancing a crypto market structure bill aimed at clarifying regulatory authority over digital assets and addressing differences in the rules governing stablecoin issuers and banks. Congressional approval would give the industry a clearer legal framework, affecting how cryptocurrencies are issued and traded in the United States and how financial institutions participate in the market.

Committee Chairman French Hill recently said the market structure bill was a major priority and expressed optimism that it would pass the U.S. Senate. Reports did not disclose a voting date, vote count or any related financial amount. The next key test is whether senators can reach consensus on the regulatory differences between stablecoin issuers and the banking industry and set a timetable for consideration and a vote.

The US Congress is advancing digital-asset market structure legislation that would clarify the division of regulatory authority between the Securities and Exchange Commission and the Commodity Futures Trading Commission. The dispute extends to the GENIUS Act, signed on July 18, 2025. Although the law bars issuers from paying interest, exchanges may be able to circumvent the restriction by offering rewards, potentially affecting bank deposits and local lending.

Senate Banking Committee Chairman Tim Scott scheduled a review of the bill for January 15, 2026. On January 12, the American Bankers Association and seven other banking and credit union groups jointly lobbied for a comprehensive ban on stablecoin yields and rewards. Their letter cited a US Treasury estimate that as much as $6.6 trillion in deposits could leave the banking system.

The US Congress is advancing the CLARITY Act, which aims to establish consistent market structure rules for digital assets and clarify the respective regulatory authority of the Securities and Exchange Commission and the Commodity Futures Trading Commission. If enacted, the legislation would affect cryptocurrency issuance, trading-platform operations and investor protections.

Senate Banking Committee member Bill Hagerty said the bill, delayed for months, is expected to receive committee consideration in April. If approved, it could then proceed to a vote by the full Senate. The timetable is seen as a key test of whether a US digital-asset regulatory framework can take shape during the current Congress.

The CLARITY Act being advanced by the US Congress is intended to divide oversight of digital assets between the Securities and Exchange Commission and the Commodity Futures Trading Commission. The legislation will shape whether cryptocurrencies are classified as securities or commodities and affect compliance costs for trading platforms, issuers and stablecoin operators.

As of July 19, 2026, the Senate Banking Committee had released the bill text ahead of a hearing. Republican Senator Tim Scott said negotiations were making progress and that a compromise proposal on stablecoin yield was expected this week. The SEC also issued its first guidance on determining when crypto assets are securities, while Chair Paul Atkins said stablecoin legislation was “99% there.”

The US Senate has been working on digital asset market structure legislation since July 2025 to clarify the division of crypto oversight between the SEC and CFTC and establish rules for yield-bearing products. The bill would define compliance boundaries for trading platforms and banks, but negotiations remain stalled by a government impasse and bipartisan disagreements over yield mechanisms.

NYDIG warned that if the Senate fails to pass the bill by August 2026, the November midterm elections could delay progress until after the vote. A Senate leader also said the market structure bill was unlikely to pass before April at the earliest. Congress has yet to assemble enough votes to advance it, leaving little chance of substantive legislation being completed before the elections.

The U.S. Digital Asset Market Clarity Act, or CLARITY Act, seeks to divide regulatory responsibilities between the Securities and Exchange Commission and the Commodity Futures Trading Commission, addressing a legal gap over whether crypto assets are securities or commodities. The House passed the bill by 294–134 on July 17, 2025. Its fate will shape compliance strategies for trading platforms, banks and institutional investors.

On March 18, 2026, Wyoming Senator Cynthia Lummis told the DC Blockchain Summit that negotiators were close to a compromise over stablecoin yield and rewards and expected to finalize it within days. She said DeFi issues had also been largely resolved. The Senate Banking Committee plans to consider the measure in April after the Easter recess. Its version must still be reconciled with a text advanced by the Agriculture Committee in January before going to the full Senate for a vote.