Senate Republicans announced the Clarity Act, a major crypto market structure bill, will face committee markup in mid-April. Senators Cynthia Lummis and Bernie Moreno warn it must pass the full Senate by May 21 to avoid stalling until after midterm elections.
The legislation aims to legalize most U.S. crypto activities including token sales previously known as ICOs. Passage would prevent future administrations from banning such operations without congressional action.
Key hurdles remain: zero Democratic committee support, a banking industry dispute over stablecoin yield rules, conflicts regarding DeFi platforms, and ethics concerns tied to the Trump family's crypto ventures. Senator Kirsten Gillibrand demands strict provisions barring officials from crypto promotion.
With Congress recessing for Memorial Day on May 21, this represents the final window for crypto regulation this cycle.