Interesting development on the American regulatory front. The possibility that the Clarity Act will be approved in 2026 is becoming more concrete than we initially thought. The probabilities have made a significant jump, from 46% to 64%, after senators reached an agreement on rules regarding stablecoin yields.

This acceleration has also been supported by some influential names in the crypto sector. What stands out about the proposal is the balance it tries to strike: on one side, it bans payments that closely resemble traditional bank deposits with interest; on the other, it still allows rewards linked to real activities or transactions. It’s not a total prohibition, but rather an attempt to clarify boundaries.

The Clarity Act also requires U.S. financial regulators to provide an interpretive guidance within a year. This is important because it means it will not only be a written law but also operational clarifications on how to practically implement it.

I’ll add a detail that few are emphasizing: the Senate Banking Committee could approve a markup of the Clarity Act as early as this month. If that happens, the timeline for final approval would shorten even further. In short, the regulatory framework for stablecoins in the U.S. is taking shape faster than it seemed possible a few months ago.