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Senate negotiations on the Digital Asset Market Clarity Act moved closer to a committee hearing as Republican lawmakers, industry stakeholders, and the White House worked through final compromises on crypto market-structure legislation. The central dispute has focused on stablecoin yield and rewards programs, with lawmakers seeking language that would prevent crypto platforms from using terminology that resembles bank deposit products while still preserving a path forward for the bill. Senator Cynthia Lummis said negotiators believe they have the needed compromises to move the measure out of the Senate Banking Committee, potentially in April, though additional issues such as the treatment of decentralized finance still require agreement.
The bill remains a top policy priority for the crypto industry, but its path depends on resolving objections from community bankers, securing support from previously uncertain senators, and maintaining bipartisan backing through later Senate stages. Reporting indicates that updated legislative text was expected to be shared with the White House, while lawmakers also discussed possible side concessions tied to other legislation to win support. Even with progress on the stablecoin-yield debate, the measure still faces procedural and political hurdles before it could reach the full Senate and ultimately the president's desk.
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The FDIC formally proposed its regulatory framework for depository institutions issuing payment stablecoins through subsidiaries under the GENIUS Act. The proposal opened a 60-day public comment period and said payment stablecoins would not be deposit-insured or marketed as paying interest or yield merely for holding or using them.
A newly surfaced draft of the Digital Asset Market Clarity Act showed that negotiators proposed banning yield payments for simply holding stablecoins and restricting deposit-like reward structures, while permitting some activity-based rewards. The disclosure drew criticism from crypto industry leaders and signaled that stablecoin yield language remained central to the bill’s final form.
The Securities and Exchange Commission released new crypto policy guidance, including its first taxonomy defining U.S. crypto assets, while Chairman Paul Atkins and Republican commissioners said Congress still must supply the governing legal framework.
As negotiations continued, Democrats pressed for limits on government officials profiting from personal crypto holdings and for Democratic appointments to vacant CFTC seats before new crypto rules take effect.
Senator Bernie Moreno said Senators Angela Alsobrooks and Thom Tillis were in the final stage of negotiations with the White House over stablecoin-related provisions, though talks were not yet complete.
Senator Cynthia Lummis said the Senate Banking Committee could take up and potentially advance the Digital Asset Market Clarity Act after the Easter recess, likely by late April or the end of April.
By mid-March, Senate negotiators had largely resolved key disagreements over stablecoin rewards programs and decentralized finance security provisions, with compromises aimed at moving the bill forward.
Before the current Banking Committee push, a version of the digital asset market structure legislation was approved by the Senate Agriculture Committee, positioning it for further Senate consideration.
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The **U.S. Securities and Exchange Commission**, working with the **CFTC**, issued interpretive guidance that for the first time lays out a formal taxonomy for crypto assets and states that **most crypto assets are not themselves securities**. The guidance creates four categories that fall outside federal securities laws—**digital commodities, digital collectibles, digital tools, and payment stablecoins**—while reserving securities treatment for **digital securities**, defined as tokenized versions of traditional instruments such as stocks and bonds. The interpretation also clarifies how the **Howey test** applies when a crypto asset is part of an investment contract, marking a significant shift from the prior SEC approach under Gary Gensler, which had been criticized for relying on enforcement rather than clear rulemaking. The new framework was presented as an interim regulatory step while Congress continues work on broader market-structure legislation, including the **CLARITY Act**, and reflects the more coordinated posture between the SEC and CFTC under Chairman **Paul Atkins**. Supporters said the guidance is intended to reduce legal uncertainty for issuers, exchanges, and investors, and to return the SEC to policing actual securities transactions rather than treating broad swaths of the crypto market as securities by default. One reference is an opinion piece advocating for the same policy change and reinforcing the agency's rationale, while the other cited articles concern separate issues—including U.K. political donations, an Iran-linked exchange, allegations involving Binance, and Senate negotiations on crypto legislation—and are not part of this specific regulatory action.
Jul 12, 2026
The Senate Commerce Committee is preparing to mark up a package of technology policy bills focused on child safety, online privacy, age verification and artificial intelligence, with the **Kids Online Safety Act** (`S.1748`) serving as the centerpiece. The bill would require covered platforms to use reasonable care in designing features for users under 17, add parental controls, limit certain research involving children under 13, and give the **Federal Trade Commission** enforcement authority. The package also includes the **Youth AI Privacy Act**, **Chatbot Act**, and **Children’s Artificial Intelligence Toy Safety Act**, which would impose new safeguards and parental oversight requirements for AI systems used by minors. The debate has also intensified around the **SCREEN Act** (`S.737`), which would require age verification for online services and social media hosting sexually explicit material. Critics say the measure could force adults to submit identity-linked credentials, expand collection and retention of sensitive personal data, and increase breach and surveillance risks. Opponents also warn that the bill’s reliance on IP-based location checks and scrutiny of traffic from known VPN addresses could undermine lawful anonymous browsing and discourage use of privacy tools such as VPNs and proxy services.
Aug 5, 2026
The U.K. Financial Conduct Authority (FCA) has initiated three major consultations to establish a comprehensive regulatory framework for crypto asset activities and markets, aiming for full implementation by 2027. The proposed regulations will bring crypto assets, including stablecoins and qualifying digital assets, under oversight similar to that of traditional financial services, with a focus on consumer protection and market integrity. Key elements of the FCA's proposals include subjecting crypto trading platforms, intermediaries, staking providers, and decentralized finance (DeFi) firms to new conduct, disclosure, and prudential rules. The framework also introduces a standalone market abuse regime, stricter admission and disclosure requirements, and enhanced prudential standards to mitigate risks associated with weak financial reserves and potential firm failures. Legal experts have characterized this regulatory initiative as a significant milestone for the U.K. crypto sector.
Jun 29, 2026