Stablecoin yield has dominated media coverage of the CLARITY Act.
It matters, but it's not the only issue.
The biggest challenge is ensuring non-custodial software developers aren't misclassified as money transmitters.
That's non-negotiable for DeFi, and it's still unsettled.

Twitter

Bitcoin at Block – the Bitcoin project of Block , the company founded by Twitter co-founder Jack Dorsey – has just announced the launch of a free Bitcoin Faucet, marking the return of the Bitcoin distribution model...

Jack Dorsey announces a $1 million project to give away free Bitcoin.

MicroStrategy founder Michael Saylor asserts that Bitcoin has won the global narrative war, specifically naming BIP- […]
The article, "Michael Saylor Warns BIP-110 is the Biggest Threat to Bitcoin; Four-Year Cycle is Dead, Institutional Capital is the Real Protagonist," was first published on BlockTempo, the most influential blockchain ABMedia media.

Michael Saylor warns that BIP-110 is the biggest threat to Bitcoin; the four-year cycle is dead, and institutional capital is the real protagonist.

A recent report published by the cryptocurrency analysis platform CryptoQuant points to a notable divergence in the Bitcoin market.
According to the analysis, Bitcoin demand has contracted internally ...

A Major Discrepancy in Bitcoin Data: Over $1 Billion Inflows into BTC ETFs During a Period of Extreme Fear!

The last Senate Banking draft includes the Blockchain Regulatory Certainty Act (BRCA) in Section 604.
The BRCA clarifies that "non-controlling developers and providers" are not financial institutions subject to KYC obligations under the Bank Secrecy Act.
That is mandatory.

But the draft also has provisions in Title 3 that undermine the BRCA and subject all sorts of non-custodial software developers to KYC obligations anyway.
Those sections must be fixed or the bill doesn't work for DeFi.
If the bill doesn't work for DeFi, it doesn't work at all.