Lummis Emphasizes Urgency for CLARITY Act as Senate Approaches Markup in April

Senator Cynthia Lummis (R-WY) is pushing for the Digital Asset Market CLARITY Act to be finalized by the end of this year. With plans for a markup in the Senate Banking Committee scheduled for late April, Lummis reinforces the necessity of this legislation for establishing a clear regulatory framework for digital assets in the U.S.

Key Takeaways

Senator Lummis firmly believes the CLARITY Act must be completed by year-end.
The Senate Banking Committee plans to begin the markup process in late April.
The act seeks to clarify regulatory oversight between the SEC and CFTC over digital assets.
Ongoing negotiations appear to be making progress, particularly on stablecoin yield issues.
The CLARITY Act is a critical step in establishing a comprehensive regulatory framework for U.S. digital assets.

Senator Lummis pushing CLARITY Act crypto bill

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Senator Cynthia Lummis has made it clear that the Digital Asset Market CLARITY Act “must be completed by the end of the year.” This assertion was shared during discussions cited by crypto journalist Eleanor Terrett. The late-April markup of the bill by the Republican members of the Senate Banking Committee comes after months of delays.

Lummis, who chairs the Senate Subcommittee on Digital Assets, has emerged as the leading advocate for the CLARITY Act — officially known as the Digital Asset Market Clarity Act. She underscores its importance for U.S. leadership in digital finance, arguing that the bill will establish protections that future administrations could not easily dismantle.

The CLARITY Act aims to resolve the longstanding dispute between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) regarding digital assets. It designates the CFTC as the primary regulatory authority for digital commodities while allowing the SEC to maintain oversight over tokens classified as securities. Additionally, the act establishes registration and disclosure requirements for crypto trading platforms and token issuers. Although the House passed its version of the bill in 2025, the Senate has put forward a tighter version that introduces stricter customer-protection measures and curtails regulatory discretion, which may lead to intense negotiations with the House over the final language.

One of the most complex unresolved matters relates to stablecoin yield. Earlier drafts of the Senate's CLARITY Act contained provisions that would forbid stablecoin issuers from offering interest or yield simply for holding stablecoin balances. This was intended to prevent payment stablecoins from directly competing with insured bank deposits. However, rewards linked to actual usage — such as payments, liquidity provision, staking, or participation in network governance — would be allowed. Coinbase withdrew its support for the bill citing these restrictions, whereas banking groups supported them.

Lummis's recent comments indicate that progress is being made regarding this stalemate. She mentioned that a consensus on stablecoin yield has “largely been reached” and that disputes concerning DeFi-related provisions have “been properly addressed.” Sources close to the discussions indicated that talks between lawmakers and industry representatives are moving positively, with Digital Chamber CEO Cody Carbone expressing optimism about securing a favorable vote.

The timeline for the late-April markup is more definitive than any prior announcements. Earlier this year, the Banking Committee had planned a markup session for January, only to cancel it just a day before, as Lummis acknowledged that more consensus was needed — particularly concerning the concerns of banks and credit unions about potential deposit outflows driven by stablecoins. This delay prompted Lummis's public frustration, as she had encouraged her Democratic colleagues not to backtrack on the progress made through bipartisan efforts.

With the GENIUS Act officially signed into law and its regulations currently under review by the Office of the Comptroller of the Currency (OCC), the CLARITY Act remains a crucial element of what the industry has referred to as a comprehensive regulatory framework for digital assets in the U.S. Lummis has set an ambitious year-end deadline. Whether Congress can meet this goal — amidst a legislative schedule already filled with geopolitical crises and contentious debates over Federal Reserve policies — will determine if 2026 will finally witness well-defined rules for the cryptocurrency landscape.