"CLARITY Act" Passes Senate Version, Three Major Disagreements Emerge 🇺🇸

This morning, the U.S. Senate Banking Committee approved the "CLARITY Act" (Cryptocurrency Market Structure Act) with a vote of 15:9, officially submitting it for a full Senate vote. All Republicans supported it, with two Democrats crossing party lines to vote.

Compared to last year's 250-page House version, this Senate version is 309 pages, and the three major disagreements worth noting are:

1. Can stablecoins generate yields?

· House version: No interest payments (handled by the GENIUS Act)
· Senate version: A compromise — banning interest payments solely for holding stablecoins, but allowing rewards linked to trading, staking, loyalty points, etc. This outcome came after three months of debate between banking and crypto industries.

2. Are DeFi developers protected?

· The Senate version explicitly states: Protocol developers who do not hold user assets or control user funds do not need to register as brokers or exchanges. DeFi practitioners have temporarily breathed a sigh of relief, avoiding the risk of being "sentenced to death."

3. Conflict of interest clause for the Trump family was removed

· House version: Prohibits members of Congress and senior officials from issuing digital products during their tenure.
· Senate version: Completely omits this clause (reason: outside the jurisdiction of the Banking Committee). Democrats proposed an amendment requiring the President, Vice President, and their families to be prohibited from holding or promoting digital assets, directly targeting the Trump family's crypto gains of at least $1.4 billion since taking office.

Other significant changes:

· Digital assets with spot ETFs listed before January 1, 2026, are automatically classified as commodities and do not require SEC approval.
· On-chain stock trading does not change its legal nature and remains under SEC jurisdiction; crypto exchanges cannot directly list tokenized stocks and must register separately with the SEC.

Next steps:
The bill still needs at least four more steps to become law: merge with the Senate Agriculture Committee version → full Senate vote (requires 60 votes, Republicans hold only 53 seats) → coordination with the House → signed by the President. The White House aims to complete this by July 4 (the 250th anniversary of Independence), but a more realistic target is early August. Polymarket predicts a 69% chance of signing within this year.

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