Crypto's Biggest Bill Faces April Deadline in Senate

Senator Hagerty targets April for CLARITY Act markup as stablecoin yield dispute nears resolution

Apr. 7, 2026 at 6:34am

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A close-up, cinematic view of intricate banking machinery and financial infrastructure, rendered in a high-contrast, industrial style that conveys a sense of power, security, and the complex inner workings of the financial system.As the U.S. Congress debates the future of crypto regulation, the CLARITY Act's fate hangs in the balance, with the financial infrastructure at the heart of the debate.Today in Nashville

The CLARITY Act, a major crypto regulatory bill, is expected to reach the Senate Banking Committee for markup in April, according to Senator Bill Hagerty. The bill would shift oversight of crypto markets largely from the SEC to the CFTC, but has faced delays due to disagreements over stablecoin yield rules. Industry sources say both sides are cautiously optimistic a deal can be reached on the remaining issues, though a markup date has not yet been set by Banking Committee Chair Tim Scott.

Why it matters

The CLARITY Act is seen as the most significant crypto legislation in U.S. history, with the potential to reshape the regulatory landscape for the industry. Its passage could provide much-needed clarity for crypto companies and investors, but delays and disputes over key provisions have raised concerns about its chances of becoming law before the 2026 midterm elections.

The details

The CLARITY Act passed the House last July but has stalled in the Senate due to disagreements over stablecoin yield rules and other issues. Senator Hagerty said the remaining obstacles are 'not insurmountable' and expects the bill to reach the Senate Banking Committee for markup in April. However, Committee Chair Tim Scott has not yet scheduled a markup date. Crypto industry sources say progress has been made on the stablecoin yield dispute, with both sides reviewing new language, but details have not been disclosed. If the bill can clear the Banking Committee this spring, Hagerty believes it can be signed into law before the 2026 midterms, but delays could jeopardize its chances.

  • Senator Hagerty expects the CLARITY Act to reach the Senate Banking Committee for markup in April 2026.
  • The House of Representatives passed the CLARITY Act in July 2025.
  • The Senate Agriculture Committee advanced its version of the bill in January 2026.

The players

Senator Bill Hagerty

A Republican senator from Tennessee who expects the CLARITY Act to move through the Senate Banking Committee in April 2026.

Senator Tim Scott

The Republican chairman of the Senate Banking Committee, who has not yet scheduled a markup date for the CLARITY Act.

Coinbase

A major cryptocurrency exchange that had opposed earlier language in the CLARITY Act that placed a broad ban on stablecoin rewards.

Paul Grewal

Coinbase's Chief Legal Officer, who expressed confidence that a deal can be reached on the remaining issues in the CLARITY Act.

Senator Cynthia Lummis

A pro-crypto Republican senator who has hinted that a CLARITY Act markup could happen this month.

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What they’re saying

“There's still a lot more work to do, but none of the outstanding issues are insurmountable.”

— Senator Bill Hagerty

“We're close to a deal on the remaining issues.”

— Paul Grewal, Coinbase Chief Legal Officer

What’s next

If the CLARITY Act can clear the Senate Banking Committee markup in April, it would then need to pass a full Senate vote and be signed into law by the president before the 2026 midterm elections.

The takeaway

The CLARITY Act represents a pivotal moment for crypto regulation in the U.S., with its passage potentially providing much-needed clarity for the industry. However, the bill's fate remains uncertain as it faces a tight timeline to overcome remaining disputes and legislative hurdles before the 2026 midterms.