US Sen. Cynthia Lummis (R-Wyoming) renewed calls for Congress to advance crypto market structure legislation, warning that if the CLARITY Act doesn't pass soon, the measure could be dead for years.
Sen. Lummis Warns That Window to Pass CLARITY Act Is Closing
10 April 2026 - 23:26 CEST
By Ana Pereira
In posts on X on 10 Apr, Lummis urged lawmakers to act on the crypto bill, adding that failure to move the legislation now could push any progress out to 2030.
The comments come as industry-backed advocacy around the bill has picked up again, following weeks of limited movement in Washington, DC. Lawmakers and executives have intensified public messaging in recent days in an apparent effort to push the legislation toward a markup.
Brian Armstrong, chief executive of Coinbase, said in an 8 Apr opinion piece published in The Wall Street Journal that regulatory uncertainty is driving crypto activity offshore. The article links the CLARITY Act to economic and national security concerns, warning that without clear rules, capital and development will continue shifting to jurisdictions such as Abu Dhabi and Singapore.
Talks stall legislation
Social media pressure around the bill has yet to translate into progress in negotiations between banks and the crypto industry. Since 15 Jan, when Coinbase withdrew support over disagreements on stablecoin rewards, talks have remained deadlocked over whether and how issuers can offer yield to users.
Sen. Lummis and industry advocacy groups have signalled that a markup in the Senate Banking Committee could take place by late April, but a revised draft has yet to bridge the gap on rewards.
The latest public version of the legislation, circulated in March, proposes a ban on yield generated purely from passive holdings, while allowing a narrower set of activity-based rewards tied to payments or platform use. In the run-up to Easter, David Duong, Coinbase's global head of investment research, said that lawmakers and industry participants were expected to resolve the rewards language within three weeks.
Midterms risk derailing bill
The window to pass the CLARITY Act is starting to close, leaving the legislation exposed to political risk later this year, particularly if the Republicans lose their majority in the House, as is expected. Prediction site Kalshi has the odds of the Democrats taking control of the House at 86%.
