The U.S. Senate Agriculture Committee has postponed its markup and vote on the CLARITY Act, a key crypto market structure bill, until the last week of January. The delay avoids a situation where both the Agriculture and Banking Committees would review their own crypto bills on the same day, a conflict that could produce two competing regulatory frameworks. Fox Business reporter Eleanor Terrett noted on X that the move prevents what many called "dueling markups."
Bipartisan Backing Critical for Bill's Survival
The CLARITY Act aims to define whether the SEC or the CFTC oversees digital asset markets, offering long-sought clarity for exchanges, investors, and institutions. But with only 53 Republican senators, at least 7 Democrats must vote yes to reach the 60-vote threshold. Chairman John Boozman said the delay is needed to protect bipartisan support. Some Democratic senators requested more time to review the bill's text, expected to exceed 200 pages. Even Republican Senator John Kennedy had earlier called for hearings. SEC Chair Paul Atkins voiced full support, arguing the bill can move the industry out of the “regulatory gray zone.”
Coinbase vs. Banks Over Stablecoin Rewards
Coinbase has threatened to withdraw its support if the bill restricts stablecoin rewards — payments of interest to users holding stablecoins. Banks want those rewards banned, while Coinbase argues they benefit users and keep the U.S. competitive. This conflict weakens political unity, forcing lawmakers to weigh banking interests against innovation.
Market Reaction: BTC Dominance Jumps, Liquidations Top $500M
The crypto market fell 0.95% in 24 hours and is down 3.08% for the week. Bitcoin saw over $500 million in liquidations, with many leveraged longs forced to close. Perpetual contract volumes surged while funding rates plunged, signaling reduced speculative appetite. Bitcoin dominance rose to 58.65%, indicating a shift from risky altcoins into BTC — a typical response to regulatory uncertainty.
The delay gives committees time to align their proposals, resolve the stablecoin reward dispute, and finalize bipartisan support. If successful, the CLARITY Act could face a full Senate vote in early 2026.