Republican and Democratic staff meet to finalize crypto market structure bill

Staff from both sides of the aisle have been huddling in a series of policy meetings to iron out the remaining disagreements on a sweeping crypto market structure bill. The legislation, formally known as the Digital Asset Market Clarity Act, or the CLARITY Act (H.R. 3633), would represent the most significant overhaul of digital asset regulation in US history. An updated merged text of the bill, spanning 616 pages, was released on July 22 following substantial input from both the Senate Banking and Agriculture Committees. Where things stand, and where they’re stuck Bipartisan staff discussions have centered on ethics provisions, oversight of decentralized finance, how to handle stablecoin yield mechanisms, and the delineation of regulatory authority between the SEC and CFTC. On the stablecoin front, the question of yield, specifically whether stablecoin issuers should be allowed to pass interest on to holders, has become a flashpoint. The banking industry has been vocal about its opposition to certain provisions, viewing yield-bearing stablecoins as direct competition to traditional deposit products. The legislative journey so far The House passed its version back in July 2025 with...