American crypto is approaching a key moment. According to Coinbase, a compromise on the CLARITY Act is now close in the US Senate, but the text still has neither a committee passage date nor a guarantee of a final vote.
In brief
- American crypto is entering a decisive phase in the Senate.
- The yield of stablecoins remains the last big lock.
- Coinbase sees a deal close, but nothing has been voted on yet.
An agreement moving forward, but not yet a victory
Coinbase believes that the Senate is finally getting closer to common ground on the CLARITY Act, the major text supposed to set the rules for the crypto market in the United States. On Fox Business, Paul Grewal explained that negotiations were “very close” to an agreement, while acknowledging that no markup date had yet been set.
This renewed optimism does not come out of nowhere. The House of Representatives already adopted the CLARITY Act on July 17, 2025. In the Senate, a review session was to take place on January 15, 2026, before being postponed until the day before the meeting. From, the text advances in fits and startsto the rhythm of technical compromises and political power struggles.
In other words, crypto is not yet in front of a finish line. She is in front of a half-open door. It's already better than in February or early March, when the discussions seemed frankly at a standstill, but that is still not enough to speak of a certain outcome.
Stablecoin yield remains sticking point
The central blockage is always about the same subject. The performance of stablecoins. Banks want to prevent crypto platforms from being able to transform these dollar-backed tokens into quasi-savings products. Their fear is clear: to see a portion of deposits leave traditional bank accounts to find their way into more profitable solutions.
Coinbase rejects this reading. Paul Grewal says he believes there is no serious evidence of deposit leakage caused by these rewards. This opposition sums up the current debate well: on the one hand, Washington seeks to regulate crypto innovation. On the other hand, the old banking system refuses to allow too direct competition to take hold in terms of performance.
The compromise that has been circulating since the end of March draws a middle line. It would prohibit passive yield on stablecoin balances held on platforms, while leaving the door open to certain rewards linked to usage or activity. This is not a technical detail. This is the heart of the standoff. This is also what determines whether the text can finally start again.
Why this text matters for all crypto
The CLARITY Act is not just about stablecoins. Its ambition is broader: to clarify who regulates what in the crypto universe, particularly between the SEC and the CFTC, and to provide a more readable framework for platforms, issuers and certain digital assets. For the sector, this would be the end of a gray area that had become too costly.
This is also why the debate goes beyond Coinbase. Defenders of the sector, like Coin Center, believe that another failure would expose American crypto to permanent political reversals. Their argument is brutal but coherent: without clear text, the market will still depend on current priorities, agency interpretations and the moods of the next administration.
The paradox is that this political progress does not guarantee an immediate boom in the crypto market. At the time of writing, BTC fell by around 3.3% over the session and ether by around 4.7%, a sign that investors remain cautious even when the regulatory file seems to be unblocked. The CLARITY Act can improve the background setting. It does not, by itself, eliminate market nervousness.
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