Quick Takeaways
- US senators plan a January 15 markup of the long-stay CLARITY Act.
- Key debates include DeFi oversight, tokenish classification, and stablecoin incentives.
- Bipartisan living remains of the essence to clear the Senate’s 60-balloting threshold.
US lawmakers are preparing to take a major step toward comprehensive crypto regulation. Senators are directed to January 15 for a markup of the long-awaited CLARITY Act.
The markup would carry a berth in the Senate Banking Committee. It would mark the first public advance of the bill after a calendar month of private negotiations.
The CLARITY Act draws a bead on establishing exonerated federal rules for digital asset markets. Supporters enunciate that it could finally end the year of regulatory uncertainty.
If the markup proceeds, it signals lawmakers believe consensus is within reach. Even so, several disputative topics remain unresolved.
Senate Banking Committee Moves Toward Public Debate
The planned markup reflects renewed momentum in Congress. People familiar with the process say discussions intensified before the December recess.
The Banking Committee has spent much of 2025 negotiating behind closed doors. Lawmakers sought compromise language acceptable to both parties.
A public markup suggests leadership believes the bill can survive committee scrutiny. It also opens the door to amendments from both sides.
Committee members will debate the bill’s most sensitive provisions in public. That process could reshape the final text.
Key Policy Disputes Facing Lawmakers
The markup will focus on fault lines that stalled progress earlier in 2025. DeFi regulation remains one of the most divisive issues.
Some senators argue that certain DeFi protocols should fall outside registration regimes. Others warn that exemptions could weaken investor protections.
Another major debate centers on token classification. Lawmakers must clarify which digital assets fall under SEC or CFTC oversight.
The lack of clear boundaries has driven years of enforcement-led regulation. Industry participants say this uncertainty has pushed innovation offshore.
Stablecoin provisions also remain politically sensitive. The committee will revisit whether issuers can offer rewards or yield-like incentives.
Supporters claim recent compromise language narrowed these gaps. Still, staff on both sides expect amendments during the markup.
Political Path Ahead for the CLARITY Act
The CLARITY Act could advance out of committee without Democratic votes. Republicans hold enough seats to move the bill forward.
However, such an outcome could complicate its future. The Senate will ultimately require 60 votes to end debate.
That threshold makes bipartisan support essential. Without it, the bill could stall on the Senate floor.
The legislation must also merge with the Senate Agriculture Committee’s portion. That process adds another layer of negotiation.
Before the recess, Banking Committee Chair Tim Scott expressed optimism. He said talks with Democrats had made strong progress.
Industry participants who met with lawmakers share cautious optimism. Many see January 15 as a defining moment.
What the Crypto Market Structure Bill Would Change
If enacted, the CLARITY Act would overhaul US crypto oversight. It would replace years of fragmented, enforcement-driven regulation.
The bill would define which tokens qualify as securities or commodities. It would also establish registration pathways for crypto exchanges and brokers.
Regulators would gain explicit authority over spot crypto markets. Proponents say this clarity would reduce legal risk for compliant firms.
Supporters argue the framework would strengthen consumer protections. They also believe it would boost US competitiveness.
Other jurisdictions already operate under unified crypto rules. US firms often cite regulatory ambiguity as a major disadvantage.
For now, January 15 remains a critical test. A successful markup could bring US crypto regulation closer to reality.
Another failure would highlight how elusive consensus remains.