Senator Cynthia Lummis said Congress may not pass the CLARITY Act until at least 2030 unless the Senate acts quickly. Her warning comes as lawmakers approach a key committee window of April 13 to April 20, putting new pressure on a bill that has already cleared the House.
Lummis urged lawmakers to move without delay as the Senate Banking Committee prepares for markup. She said failing to act now could push the effort back by years. In her view, the current period may be the last workable opening before the next political cycle takes over the agenda.
The bill still faces several steps after committee review
Even if the measure advances out of committee, it must still go through reconciliation and win a full Senate vote. After that, the House and Senate would need to align their versions before the bill could reach President Donald Trump. That process is running into a basic problem: Senate floor time is limited, and the calendar is getting tighter.
Treasury Secretary Scott Bessent also called for fast action. He said floor time in the Senate remains scarce and stressed that lawmakers need to keep the legislation moving. His comments came as concern grew over delays ahead of the Memorial Day recess, which is set to begin on May 21.
Competing Republican ideas are slowing the process
The timing issue is not the only obstacle. Internal talks among lawmakers are still underway, and some Republican senators are weighing broader financial frameworks alongside the CLARITY Act. That overlap has complicated negotiations and slowed progress.
The sharpest dispute centers on the bill’s stablecoin yield provisions. The current proposal would restrict passive yield while allowing rewards tied to activity. Banking groups have focused on that section, arguing that it could pull deposits away from banks.
Yield restrictions are now at the center of the policy fight
The White House Council of Economic Advisers added new figures to the debate. Its report estimated that restricting yield would raise lending by only 0.02%, while adding about $800 million in annual costs for consumers. Those numbers have given both sides more ammunition as the debate continues.
Faryar Shirzad, Coinbase’s chief policy officer, said stablecoin yield could broaden access to financial services. The next phase for the CLARITY Act now depends on whether lawmakers can settle these disputes before time runs out.