The U.S. Senate Banking Committee is preparing to formally revisit the CLARITY Act with a markup session scheduled for January 15, 2025. This procedural step revives the comprehensive crypto regulatory bill after earlier disputes over key provisions had pushed it into the new year.
The legislation, which passed the U.S. House of Representatives in July, aims to establish a broad regulatory framework for digital assets. Earlier negotiations stalled due to disagreements on several contentious topics, including stablecoin yield limits, token classification, safeguards against illicit finance, and ethical standards for digital asset activities. The decision to schedule a markup suggests that at least some of these issues have been narrowed, though it remains unclear whether full bipartisan alignment has been achieved.
A divided committee vote could still derail the process before the bill reaches the Senate floor. Supporters are keen to avoid a repeat of the legislative stall that affected earlier crypto bills like the GENIUS Act, highlighting the fragility of progress without broad bipartisan backing. If the committee advances the legislation, the next challenge will be securing enough cross-party votes on the Senate floor.
Market participants are increasingly betting on the bill's passage. On prediction markets like Kalshi, traders are wagering that the CLARITY Act will clear Congress in the first half of 2025. Asset manager Bitwise has suggested that regulatory clarity could act as a tailwind for major networks, with assets like Ethereum (ETH) and Solana (SOL) potentially benefiting if the bill becomes law.
The markup does not guarantee passage, but it signals that negotiations have progressed enough for formal amendments to be considered. If momentum holds, the CLARITY Act could mark one of the most consequential regulatory developments for the crypto industry in years.
