US Crypto Clarity Bill Nears Final Deal Ahead of August Recess

Coinbase, one of the largest U.S. cryptocurrency exchanges, remains exposed to swings in digital-asset trading because transaction fees are a major revenue source. Benchmark argues that a bigger catalyst lies in Washington: passage of the Clarity Act could define how the SEC and CFTC divide oversight of digital assets, reducing regulatory uncertainty and giving compliant platforms more room to list tokens and introduce products.

In a July 22, 2026 note, Benchmark analyst Mark Palmer cut his Coinbase second-quarter revenue estimate to $1.38 billion from $1.51 billion and lowered his full-year forecast to $6 billion from $6.33 billion. He retained a Buy rating and $270 price target. Centralized-exchange spot volume fell about 28% in the quarter and crypto market capitalization dropped roughly 13%, though June spot volume topped $1 trillion for the first time since March.

The Clarity Act is a key U.S. congressional effort to provide greater regulatory certainty for crypto assets. It aims to establish a federal regulatory framework for payment stablecoins and clarify rules governing issuance, reserve assets and regulatory jurisdiction. Because stablecoins are widely used in trading and payments, the bill’s trajectory will affect compliance costs and market strategies across the industry.

The U.S. House of Representatives recently held a markup session on the Clarity Act, reviewing and debating the bill provision by provision. Despite disputes among lawmakers over some clauses, the measure advanced to the next stages of the legislative process. Existing reports did not disclose the exact date of the meeting, the vote tally or any amounts involved. The timing of a full House vote and Senate consideration remains to be seen.

The CLARITY Act seeks to establish a US crypto-asset market structure framework and clarify the division of regulatory authority between the Securities and Exchange Commission and the Commodity Futures Trading Commission. If the bill reaches the full Senate, it would typically need at least 60 votes to advance, making bipartisan cooperation critical to its prospects of becoming federal law. Current polling shows that most voters support clear cryptocurrency rules.

Coinbase Vice President of Policy Kara Calvert said at Consensus 2026 that the Senate Banking Committee could take up the bill as early as the following week. The committee subsequently scheduled a markup for May 14 and voted to advance the CLARITY Act. The bill must still clear a full Senate vote, while lawmakers' dispute over crypto-asset ethics rules for government officials could affect the final timetable and bipartisan support.

The CLARITY Act aims to establish a regulatory framework for the U.S. crypto asset market and clarify the division of oversight between the Securities and Exchange Commission and the Commodity Futures Trading Commission. Whether the bill can address stablecoin yield and rewards will affect the interests of banks and companies including Coinbase and Circle, while helping shape the institutional direction of the U.S. crypto market.

The U.S. Senate Banking Committee has released its latest draft and held a key hearing, with only 24 hours remaining before the deadline for submitting amendments. Bipartisan lawmakers are nearing a compromise over stablecoin yield, and the bill is expected to enter markup on May 11. The draft has also been sent to the White House for review. White House crypto adviser Patrick Witt is targeting passage by July 4. The developments helped push Bitcoin above $78,000, while Circle shares rose about 18% in a single day.

US cryptocurrency regulation has long relied on securities and commodities laws as well as regulators’ discretion, leaving the boundaries around token classification and developer liability unclear. Nonprofit advocacy group Coin Center says the CLARITY Act is intended to establish a framework for classifying digital assets and provide statutory protections for noncustodial blockchain developers, determining whether the industry can operate under predictable rules.

As of July 20, 2026, the CLARITY Act and related blockchain legislation remained stalled in the US Senate, with provisions including stablecoin yield among the disputed issues. No specific amount is involved. Coin Center warned that unless Congress explicitly limits regulatory discretion, future administrations could change their enforcement stance and take tougher measures against cryptocurrency companies and developers.