Crypto : The US Senate Approaches a Key Agreement on the CLARITY Act

American crypto is approaching a key moment. According to Coinbase, a compromise on the CLARITY Act is now close in the US Senate, but the text still has no date for committee passage or guarantee of a final vote.

An Agreement That Progresses, But Not Yet a Victory

Coinbase believes the Senate is finally approaching common ground on the CLARITY Act, the major text intended to set the rules for the crypto market in the United States. On Fox Business, Paul Grewal explained that negotiations were “very close” to an agreement, while acknowledging that no markup date had yet been set.

This resurgence of optimism does not come out of nowhere. The House of Representatives already passed the CLARITY Act on July 17, 2025. In the Senate, a review session was scheduled for January 15, 2026, before being postponed to the eve of the meeting. Since then, the text has progressed in fits and starts, following the rhythm of technical compromises and political power struggles.

In other words, crypto is not yet at a finish line. It faces a slightly open door. It is already better than in February or early March when discussions seemed frankly stalled, but it is still not enough to talk about a certain outcome.

The Yield of Stablecoins Remains the Point of Friction

The central blockage still holds on the same subject. The yield of stablecoins. Banks want to prevent crypto platforms from turning these dollar-backed tokens into quasi-savings products. Their fear is clear: seeing some deposits leave traditional bank accounts to move into higher-yielding solutions.

Coinbase rejects this interpretation. Paul Grewal claims there is, in his opinion, no serious evidence of deposit flight caused by these rewards. This opposition sums up the current debate well: on one side, Washington seeks to regulate crypto innovation. On the other, the old banking system refuses to allow too direct competition on the yield field.

The compromise circulating since late March draws a median line. It would forbid passive yield on balances of stablecoins held on platforms, while leaving the door open to certain rewards linked to use or activity. This is not a technical detail. It is the heart of the standoff. It is also what determines if the text can finally move forward.

Why This Text Matters for All Crypto

The CLARITY Act does not only address stablecoins. Its ambition is broader: to clarify who regulates what in the crypto universe, notably between the SEC and the CFTC, and to provide a clearer framework for platforms, issuers, and certain digital assets. For the sector, this would be the end of a gray area that has become too costly.

This is also why the debate goes beyond Coinbase. Sector advocates, such as Coin Center, believe a new failure would expose American crypto to permanent political reversals. Their argument is blunt but coherent: without clear text, the market will still depend on current priorities, agency interpretations, and the moods of the next administration.

The paradox is that this political progress does not guarantee an immediate boom of the crypto market. At the time of writing, btc was down about 3.3% on the session and ether about 4.7%, a sign that investors remain cautious even when the regulatory file appears to be unlocking. The CLARITY Act can improve the underlying environment. It does not, by itself, eliminate market nervousness.