The Game Changer for U.S. Digital Assets: The CLARITY Act Enters Its Final Phase
3-Point Summary
- The CLARITY Act has passed the House and is now undergoing adjustments in the Senate.
- The bill’s core direction—regulatory clarity and stronger stablecoin oversight—is expected to remain intact.
- Coinbase’s opposition to yield restrictions may influence revisions, but the overall framework is unlikely to change.
The Senate is now shaping the future of U.S. digital assets.
50-Second Shorts Video
Watch the 50-second video to understand today’s CLARITY Act update before diving into the full analysis below.
🇺🇸 CLARITY Act: Where It Stands Now and What Could Change Next
In 2026, the U.S. digital asset market is once again approaching a critical turning point. At the center of this shift is the CLARITY Act, a landmark bill that aims to define how the United States will regulate digital assets going forward.
This bill goes far beyond a simple regulatory clean-up. It is effectively an attempt to create a new rulebook for the entire U.S. digital financial system — spanning stablecoins, exchanges, banks, institutional investors, and fintech platforms.
In late March, the CLARITY Act passed the House of Representatives with a decisive 294–134 vote. Since then, market sentiment has shifted to: “Now the real game begins.” With the Senate vote approaching, the stablecoin industry and global markets are watching closely to see what the final version of this bill will look like.
1) The purpose of the CLARITY Act — Bringing order to digital asset rules
The CLARITY Act is designed to reduce uncertainty in the U.S. digital asset market and create an environment where institutional investors can participate with greater confidence. Its core objectives include:
- Clearly classifying digital assets as securities, commodities, or payment instruments
- Establishing consistent rules for exchanges, brokers, and custodians
- Setting standards for stablecoin reserves and risk management
- Providing regulatory clarity that encourages institutional participation
One of the most controversial elements is the proposed restriction on yield or interest on stablecoin deposits. In other words, the bill directly raises the question: “Can digital dollars like USDC pay interest?”
2) Where the bill stands now — Passed the House, under revision in the Senate
The CLARITY Act has already cleared a major hurdle by passing the House with a 294–134 vote. It is now in the Senate, where lawmakers are working through the details and considering potential adjustments. Key points at this stage include:
- The overall direction of the bill remains intact
The focus on clarifying digital asset regulation and strengthening stablecoin risk management is expected to be preserved. - Areas that may be adjusted
Restrictions on stablecoin yield/interest and limits on exchange data access are likely candidates for refinement. - What markets are watching
How stablecoin revenue models will be defined, how banks, fintechs, and exchanges will align their interests, and the timing and scope of the final Senate vote.
In short, the overall trajectory of the bill is already set. The key question now is what the final shape of the law will be once the Senate is done with it.
3) Why Coinbase is opposed
Coinbase is strongly opposed to the CLARITY Act’s provisions that restrict stablecoin-related yield, because these rules directly threaten its USDC-based revenue model.
- Interest on USDC reserves is a core revenue stream for Coinbase
- The draft bill restricts direct and indirect economic rewards on stablecoin balances
- This has major implications for Coinbase’s revenue structure, strategy, and long-term business model
As a result, Coinbase has communicated to the Senate that it “cannot support the bill in its current form”, and has emerged as a key stakeholder in the ongoing negotiations.
4) What comes next — What could change in the Senate?
The consensus view is that while some of Coinbase’s concerns may be reflected in the final text, it is unlikely that the bill’s core direction will be fundamentally altered.
4-1. The Senate tends to reflect industry input to some extent
- Coinbase is the largest U.S. crypto exchange and has significant lobbying influence
- Stablecoin regulation is closely tied to banking, fintech, and broader financial stability
- The controversial stablecoin yield/interest restriction is one of the most likely areas to see adjustments
4-2. But the political direction of the bill is already set
- Clarifying digital asset regulation
- Strengthening stablecoin risk management
The Senate broadly supports these goals, and key committees — especially the Banking Committee — are taking a strict stance on stablecoin risks. This makes it unlikely that Coinbase’s demands will lead to a complete overhaul of the bill’s structure.
4-3. How much of Coinbase’s position might be reflected?
- Possible: Shifting from an outright ban on stablecoin rewards to limited allowance with strict reporting requirements, and slightly easing data access restrictions for exchanges.
- Unlikely: Weakening stablecoin regulation overall, significantly rewriting SEC/CFTC jurisdiction in Coinbase’s favor, or reversing provisions strongly supported by the banking sector.
In other words, Coinbase is unlikely to get everything it wants, but it may see 30–40% of its concerns partially reflected in the final version.
4-4. Possible scenarios in the Senate
- Scenario A — Partial revisions, then passage (most likely)
Some easing of the stablecoin reward restrictions in exchange for stricter reporting and oversight, followed by bipartisan passage. - Scenario B — Passage without major changes
Stronger influence from the banking lobby, continued opposition from Coinbase, and ongoing industry debate even after passage. - Scenario C — Delays in the Senate (less likely)
If disputes over stablecoin provisions intensify, the vote could be pushed back, especially around election timelines.
🎯 Final thoughts
The CLARITY Act is now in the Senate phase, where negotiations and fine-tuning are underway. With the House already having passed the bill, the overall direction is firmly established.
- The core policy direction — regulatory clarity and stronger risk management — is likely to remain
- Coinbase’s demands may be partially reflected, but not to the point of reshaping the entire framework
- The way stablecoin revenue models are ultimately defined will be a key determinant of the future market structure
Once the CLARITY Act is finalized, the U.S. digital asset market will enter a new regulatory era. This bill is not just another piece of legislation — it is a serious attempt to rewrite the rules of the game for digital assets, stablecoins, and the broader crypto ecosystem in the United States.
Younchan Jung
Researcher exploring structural shifts in AI, blockchain, and the on‑chain economy.
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