The April Deadline
The CLARITY Act must pass Senate Banking Committee by April 30 or it dies for 2026. With Easter recess ending April 13, lawmakers have only two weeks of in-session time remaining (April 13-27). Chair Cynthia Lummis is targeting "second half of April" markup, but timing is critical.
Senator Bernie Moreno warned: "If we don't get the Clarity Act passed by May, digital asset legislation will not pass for the foreseeable future."
Stablecoin Yield Dispute Resolved
The final blocking issue was resolved March 20 via Tillis-Alsobrooks compromise: passive stablecoin yields are BANNED, but activity-based rewards (tied to transactions, loyalty programs, subscriptions) are PERMITTED. This resolves the banking vs. DeFi dispute.
Market Impact of April Outcome
If CLARITY passes: Bitcoin likely rallies 15-25% on regulatory clarity catalyst (historical precedent: SEC guidance June 2023 = +15% spike). ETF inflows accelerate; USDC gains institutional moat; USDT faces pressure.
If CLARITY misses: Bitcoin likely drops 10-15% on uncertainty extension. Crypto regulation stays fragmented under state-level and agency patchwork.