Senator Cynthia Lummis confirmed Tuesday in Washington, D.C., that the Senate Banking Committee will move forward with the CLARITY Act markup after the Easter recess. Speaking at the DC Blockchain Summit, she outlined plans for an April markup session.
Progress Since Labor Day
Lummis noted lawmakers have been working on the bill since Labor Day. Months of coordination with stakeholders required steady adjustments. The committee must still align its version with the agriculture panel, merging banking and commodities provisions into one package. Separately, an ethics issue tied to lawmakers and digital assets remains unresolved. Lummis clarified the committee lacks jurisdiction over that matter, requiring a separate process.
Key Disputes Resolved: Stablecoin Yield and DeFi Rules
Two policy details that previously slowed progress have now been addressed. Lummis said stablecoin yield debates had delayed negotiations — but she stated, “We think we’ve got it.” Similarly, discussions around decentralized finance (DeFi) have reached a resolution; concerns over illicit finance risks have been resolved after extended talks. This removes a major hurdle before markup, especially after earlier tensions flagged by industry figures like Jake Chervinsky.
Competing Priorities and Timeline Pressure
Other legislative items, including war funding and the SAVE Act, are competing for time. Lummis urged lawmakers to move quickly. Her remarks align with Senator Kevin Cramer’s earlier calls for urgency. Senate Majority Leader John Thune previously indicated April as a likely window.
Path to Passage
If the Senate passes the bill, it must reconcile with the House version before sending a final text to President Donald Trump. Lummis reiterated the goal: passage before year-end. She credited Senate leadership for allowing time to build consensus.