Senate Banking Committee Set for April Markup on CLARITY Act with May Deadline

The Senate Banking Committee is set to hold a markup on the CLARITY Act in April, with a May deadline looming. Senator Cynthia Lummis made the announcement at the DC Blockchain Summit in Washington.

No new date had been scheduled for a banking committee markup since January when it was canceled after Coinbase withdrew its support. The warning comes from Senator Bernie Moreno of Ohio, who said that if the CLARITY Act isn't passed by May, digital asset legislation will not pass for the foreseeable future. This is due to the November midterm elections, where all 435 House seats and 33 Senate seats will be on the ballot.

The main unresolved issue is stablecoin yield, with banking lobbyists saying it would pull deposits away from smaller banks, while crypto firms argue that restricting them stifles innovation. The White House has held three meetings in 2026 to work toward a deal, and Senator Banking Committee Chair Tim Scott expects a draft compromise proposal by the end of this week.