Senate Leader Thune: Clarity Act Unlikely to Clear Committee Before April
U.S. Senate Majority Leader John Thune (R-SD) indicated on March 13, 2026, that the Clarity Act — the leading cryptocurrency market structure legislation — is not expected to advance out of the Senate Banking Committee before April 2026, according to a Punchbowl News report cited by journalist Eleanor Terrett on X.
“I’m hoping [the market structure bill is] going to come out of the Banking Committee soon, probably not before, I would say, the April time period,” Thune stated.
The Block has reached out to Thune’s office for comment.
Core Dispute: Stablecoin Yield Remains Unresolved
Progress on the Clarity Act has been stalled for months due to a fundamental disagreement between the crypto industry and traditional banking sector over whether stablecoin issuers should be permitted to offer yield to holders.
- Banks argue that yield-bearing stablecoins could drain deposits from regulated institutions without equivalent oversight
- Crypto advocates and some White House advisers contend that compliant yield products could attract new global capital into the U.S. financial system
Patrick Witt, executive director of the President’s Council of Advisors for Digital Assets, stated earlier this week that properly regulated stablecoins with yield features would likely increase rather than decrease banking system deposits.
Broader Legislative Context
The Senate passed a comprehensive housing bill on Thursday that includes a provision explicitly prohibiting the Federal Reserve from issuing a central bank digital currency (CBDC). That measure now heads to the House.
Lawmakers are currently prioritizing President Trump’s SAVE America Act, which requires documentary proof of citizenship for voter registration. Thune indicated the Senate is expected to vote on the bill next week.
President Trump stated earlier this month on Truth Social that passage of the Clarity Act is the “next step to finish the job” after the GENIUS Act established a federal framework for dollar-backed stablecoins.
Market & Investor Implications
- Short-term uncertainty — Continued delay reduces near-term likelihood of major regulatory clarity in Q1/Q2 2026
- Longer-term positive catalyst — JPMorgan analysts view eventual passage as a significant driver for broader institutional participation in the second half of 2026
- Stablecoin yield remains flashpoint — Until resolved, the issue will likely continue to block final committee approval
- CBDC prohibition advances — Senate passage of the housing bill’s anti-CBDC clause is a win for the crypto industry
The crypto market has shown resilience despite the regulatory timeline uncertainty, with Bitcoin holding around $113,000 and Ethereum near $4,070 (as of March 13, 2026).
Stay tuned — The Block will continue tracking developments in the Senate Banking Committee and any movement on the Clarity Act.
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