Galaxy Research Director: CLARITY Act stablecoin yield compromise plan announced, approximately 50% chance of becoming law within the year

Deep Tide TechFlow News, May 2nd, Galaxy Research Director Alex Thorn stated that the U.S. Crypto Market Structure Act, the “CLARITY Act,” has entered a critical legislative stage. With the Senate’s official announcement of a key compromise plan regarding stablecoin yields, positive signals have emerged for the bill’s progress. The Senate Banking Committee may potentially begin formal review as early as the week of May 11th. The new plan explicitly expands the scope of stablecoin yield restrictions from issuers to third-party platforms, including crypto exchanges like Coinbase, stipulating that yields cannot be paid solely because users hold stablecoins (i.e., idle balances), nor can rewards be distributed in a manner that is economically or functionally equivalent to bank deposit interest.

Alex Thorn pointed out that if the Senate Banking Committee’s review is delayed until after mid-May, the likelihood of passing legislation by 2026 will significantly decrease. If it fails to pass this year, comprehensive crypto market structure legislation could be postponed until 2030 or even later. Currently, the probability of the bill being signed into law by 2026 is about 50%, or possibly lower.

The “CLARITY Act” previously passed the House of Representatives with a high vote of 294 in favor and 134 against in July 2025. Its core content includes clarifying the regulatory boundaries of the SEC and CFTC over digital assets, establishing pathways for token de-securitization, and formally incorporating digital commodity intermediaries into the federal regulatory system. Currently, the Senate is still coordinating issues such as DeFi provisions, non-custodial developer regulatory exemptions (BRCA), ethics clauses for government officials’ crypto holdings, and SEC regulatory authority.