U.S. Crypto Bill Faces More Hurdles Beyond Stablecoin Deal, Experts Warn

TLDR

• A deal on stablecoin rewards has given the CLARITY Act new momentum in the Senate
• Galaxy Digital’s Alex Thorn warns stablecoin rewards are not the only obstacle remaining
• DeFi regulation, SEC powers, and developer protections are still unresolved issues
• The bill must clear the Senate Banking Committee by end of April to stay on track
• Senator Lummis says markup could happen after Easter recess, pushing for passage by year-end

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A tentative deal between White House officials and key senators on stablecoin rewards has given new life to the CLARITY Act, a major cryptocurrency bill working its way through the U.S. Senate.

Senators Thom Tillis and Angela Alsobrooks reached the agreement with the White House in March 2026. The deal aims to resolve a clash between the crypto industry and traditional banks over stablecoin rewards offered by exchanges.

Banks had argued that these rewards could pull deposits away from traditional financial institutions and toward crypto platforms. The deal is designed to address that concern through new language in the bill.

Trump’s crypto adviser Patrick Witt called the agreement a “major milestone” but noted that more work remains to close out stablecoin rewards and other open issues.

Despite the positive news, Galaxy Digital’s head of research Alex Thorn issued a warning. He said the stablecoin rewards issue is the current focus, but it is likely not the only barrier the bill will face.

Thorn listed several other unresolved areas, including rules around decentralized finance, protections for developers, the role of the Securities and Exchange Commission, and ethics questions.

The Clock Is Ticking

Thorn has said the CLARITY Act must clear the Senate Banking Committee by the end of April. If it misses that window, he believes the odds of it passing at all in 2026 drop sharply.

Kristin Smith, president of the Solana Institute, backed that view. She said the bill needs to pass before August to avoid a fall vote, when senators become harder to reach.

Smith explained that senators are typically in Washington less starting in September, and October is consumed by midterm election activity. December offers no guarantee of a final vote either.

The Senate also uses September to work through its appropriations bill, leaving very little room for the CLARITY Act in the back half of the year.

Where the Bill Stands Now

Senator Cynthia Lummis, who sits on the Senate Banking Committee, said recently that a markup of the bill could happen after the Easter recess.

The CLARITY Act is intended to create a full regulatory framework for cryptocurrency in the United States.

The bill must pass the Senate by early May to have a realistic chance of becoming law this year, according to experts tracking the legislation.

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