The U.S. Senate has confirmed an April markup for the CLARITY Act.



Senate markup is confirmed for the second half of April. Final passage is targeted for May and Senator Moreno has warned that if the bill does not pass by then, digital asset legislation will not receive serious consideration again before 2027.

The entire fight comes down to stablecoin yield. The current draft bans passive yield, users cannot earn by simply holding stablecoins. Activity based rewards for payments and transfers are still allowed.

That distinction puts $1.35 billion of Coinbase's annual revenue directly at risk, nearly one fifth of everything the company earns.

Coinbase has rejected the bill twice and is now coordinating a formal counterproposal with multiple major crypto firms to get the language changed before the draft hardens.

Banks are pushing in the opposite direction. Jamie Dimon and Brian Armstrong have reportedly clashed directly over stablecoin economics.

April is the window. Everything gets decided in the next four weeks.
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