Momentum behind US crypto reform stalled again this week, as lawmakers quietly backed out of a long-awaited vote.
Summary
- Senate committees have delayed marking up the CLARITY Act due to insufficient bipartisan support.
- The disputes center around stablecoin rewards, DeFi oversight, and SEC-CFTC authority.
- Lawmakers aim to reignite momentum with a revised text later in January.
The road to U.S. crypto regulation is longer than many in Washington expected.
Senate Agriculture Committee Chairman John Boozman confirmed that his group will delay a planned overhaul of the Digital Asset Market Clarity Act, pushing it back to the last week of January in order to preserve bipartisan support.
The markup is postponed because the votes are insufficient
The Senate Agriculture Committee had originally planned to hold its markup this week, alongside a parallel session of the Senate Banking Committee. This plan has now been abandoned. Boozman said more time is needed to get enough votes from both parties before moving forward.
A markup is a critical step in the legislative process. This is where committees debate the bill line by line, offer amendments and vote on whether to send it to the full Senate. If either committee fails to approve the bill, it stalls.
The delay reflects growing friction over several unresolved issues. Lawmakers remain divided over how to handle stablecoin rewards, the regulatory treatment of decentralized finance, and where authority lies between the Securities and Exchange Commission and the Commodity Futures Trading Commission.
Senate leaders appear reluctant to force a vote without a clear path forward. Failed or highly partisan markup could weaken the bill’s chances later in the year, especially as the legislative calendar tightens.
The markup is postponed because the votes are insufficient
The goal of the CLARITY Act, formerly the Digital Asset Market Clarity Act of 2025, is to provide some structure to U.S. regulation of cryptocurrencies. It would clarify which digital assets are subject to securities law and which are considered commodities, giving the CFTC more oversight power.
Additionally, the bill specifies federal market surveillance and asset segregation requirements for cryptocurrency exchanges, broker-dealers, and custodians. Supporters say more specific statutory guidance would replace the current enforcement-first strategy.
The House passed its version of the bill in mid-2025 with broad support. The Senate, however, has struggled to align on language that satisfies both lawmakers, regulators, banks and crypto companies.
Industry groups have warned that last-minute changes could cost their support for the bill. Some lawmakers are also pushing to limit how elected officials interact financially with crypto, further complicating negotiations.
By pushing back the Agriculture Committee’s markup until the end of January, Senate leaders hope to refine the language and rebuild consensus. The success of this effort will determine whether crypto market reform moves forward in 2026 or remains stuck in legislative limbo.
