The long-awaited Senate vote on U.S. crypto market-structure legislation has been delayed again, as lawmakers quietly pushed back the markup of the ‘CLARITY’ (Digital Asset Market Clarity) package to late January.
Lawmakers and industry insiders say bipartisan negotiations are still grappling with several contentious issues, including how DeFi participants are regulated and the rules governing stablecoin yields.
Markup Postponed Amid Vote Count Challenges
Senate committees had been scheduled to begin markup this week—a detailed, line-by-line review of the CLARITY (Digital Asset Market Clarity) bill. But leaders from the Agriculture and Banking Committees agreed to postpone, citing insufficient support to move the bill forward until outstanding disagreements are resolved.
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Committee chairs continue to negotiate key issues, including definitions of digital asset categories, the division of regulatory authority between the SEC and CFTC, and rules governing stablecoin rewards and DeFi oversight.
Bipartisan Standalone Bill Targets Developer Liability
Amid ongoing negotiations, Republican Senator Cynthia Lummis and Democratic Senator Ron Wyden introduced the Blockchain Regulatory Certainty Act as a standalone bill.
The legislation would make clear that software developers, miners, validators, and infrastructure providers who don’t control customer funds should not be treated as money transmitters under federal law. A question has long concerned open-source builders and DeFi advocates.
The standalone bill shows bipartisan support for the ‘code is not custody’ principle and could pressure lawmakers to include similar protections in the larger crypto market-structure package. Sponsors say it would remove regulatory uncertainty that has pushed innovation offshore and slowed U.S.-based development.
Contentious Stablecoin Language Still Unresolved
Senate negotiators are weighing rules that would limit paying interest simply for holding stablecoins, a move that could reshape how crypto platforms structure rewards.
Rewards tied to trading, staking, or providing liquidity could remain, but lawmakers are still debating which activities should be allowed and how to manage the risks.
Market Reaction and Industry Stakes
Financial markets showed little immediate reaction to the news. Overall market capitalization rose just 0.02%, while major cryptocurrencies like Bitcoin remained largely flat, trading around the low $92,000 range amid ongoing legislative uncertainty.
Why This Matters
How lawmakers resolve these debates could shape U.S. crypto innovation and investor confidence for years to come.
People Also Ask:
The CLARITY (Digital Asset Market Clarity) Act is proposed U.S. legislation aimed at defining how digital assets are regulated, including stablecoins and decentralized finance (DeFi) platforms.
Lawmakers postponed the markup due to unresolved disagreements over key provisions, such as DeFi participant regulation, stablecoin rewards, and regulatory authority divisions.
This standalone bill, introduced by Senators Lummis and Wyden, clarifies that developers, miners, validators, and infrastructure providers who don’t control customer funds should not be classified as money transmitters.
Clearer developer protections could keep projects in the U.S., while regulatory uncertainty may push innovation offshore or increase compliance costs for U.S.-based platforms.
