US lawmakers are targeting January 15 for a markup of the long-awaited market structure legislation, the ‘CLARITY Act,’ according to people familiar with the process.
The planned session would take place in the Senate Banking Committee, marking the first concrete move toward advancing the bill after months of closed-door negotiations.
What Lawmakers Will Debate
If the markup proceeds as planned, it would signal that lawmakers believe the bill is close enough to consensus to withstand a public committee vote.
The markup is expected to focus on unresolved fault lines that derailed earlier attempts in 2025.
First, senators will address how DeFi should be treated under federal law, including whether certain DeFi protocols fall outside traditional registration regimes.
Second, the committee will revisit how to draw a clearer boundary between digital assets regulated by the SEC and those overseen by the CFTC.
Third, stablecoin provisions remain sensitive, especially whether issuers can offer rewards or yield-like incentives to users.
Supporters argue that compromise language has narrowed these gaps since Congress broke for recess in December.
However, staff on both sides acknowledge that amendments could still surface during the markup.
Political Path Ahead for the CLARITY Act
The CLARITY Act could advance out of committee even without Democratic support if Republicans vote together. That said, such an outcome would complicate its future.
Once merged with the Senate Agriculture Committee’s portion of the legislation, the final package would still require 60 votes on the Senate floor to end debate. That threshold makes bipartisan backing essential.
Before the recess, Banking Committee Chair Tim Scott said talks with Democrats had made “strong progress.” Several industry participants who met with lawmakers shared cautious optimism heading into the new year.
What the Crypto Market Structure Bill Would Change
If enacted, the market structure bill would establish a federal framework for digital asset markets that replaces years of enforcement-driven oversight.
It would clarify which tokens qualify as securities or commodities, define registration paths for crypto exchanges and brokers, and give regulators explicit authority over spot crypto markets.
Proponents say the changes would reduce legal uncertainty, strengthen consumer protections, and improve US competitiveness with jurisdictions that already have unified crypto rules.
For now, January 15 stands as a critical test for the CLARITY Act. A successful markup would push US crypto regulation closer to reality. Another collapse would underscore how difficult consensus remains.
