Senators are poised to publish a revised draft of the CLARITY Act — the long‑anticipated crypto market structure bill — as early as this week, according to reporting from Eleanor Terrett of Crypto In America.
The timing comes amid an Easter recess that runs through April 13, but Terrett’s sources say lawmakers intend to unveil language resolving the politically sensitive dispute over the CLARITY Act stablecoin yield and rewards before members return to regular business.
Industry Pushes Back On CLARITY Act Restrictions
The latest draft reportedly aims to strike a compromise on how cryptocurrency platforms may offer rewards without prompting a flight of deposits from traditional banks.
As reported last week, the CLARITY Act would broadly bar platforms from offering yield “directly or indirectly” on stablecoins or on assets that operate like bank deposits.
Lawmakers would still allow activity‑based incentives such as loyalty points and promotional offers in the CLARITY Act draft, while assigning regulators a one‑year window to define permitted incentives and establish anti‑evasion rules to prevent workarounds.
That restrictive approach has drawn a swift and visible reaction in the industry. Coinbase’s Global Head of Investment Research, David Duong, has said that industry participants are coordinating a counterproposal to explain why targeted changes are needed to protect customers and sustain workable rewards programs.
However, a spokesperson for Senator Thom Tillis told Crypto In America that the new CLARITY Act text reflects ongoing conversations with industry groups, including banks.
Key unresolved topics expected to shape the final negotiations include decentralized finance (DeFi) safeguards, token classification, and rules for real-world asset (RWA) tokenization, according to Terrett.
New Crypto PAC In Town
The legislative manoeuvring has coincided with increased political organizing from within the crypto industry. Anchorage Digital and Chainlink (LINK) announced Monday the formation of a bipartisan hybrid political action committee (PAC), the Blockchain Leadership Fund, backed by members of the Digital Chamber.
Per the firm’s release, the new fund plans to engage across federal, state, and local contests to support candidates and policymakers who favor durable, innovation‑friendly digital asset policy. An Anchorage Digital spokesperson stated:
Crypto policy is being written right now and the companies that show up and engage will help define the rules of the road; the ones that don’t will inherit them. At Anchorage Digital, we’ve always believed that responsible innovation requires active participation, which is why we’re proud to support the Blockchain Leadership Fund at such a pivotal moment for the industry.
A Chainlink representative echoed that message, noting the unusually clear — but still fragile — legislative moment the sector faces. “The market structure bill [CLARITY Act] is where the real complexity lives, and the candidates willing to work through that complexity deserve sustained, organized support from the industry,” the spokesperson said.
Chainlink added that its institutional partners are building on blockchain infrastructure and that the Blockchain Leadership Fund will help ensure the policy environment can scale that adoption.
Featured image from OpenArt, chart from TradingView.com
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