The CLARITY Act: Key Deadlines in April, US Banks and Crypto Investors Face Choices

On March 9, news reports indicated that the CLARITY Act is entering a critical stage, with lawmakers planning to set April 3 as the deadline to advance the bill. Since passing the House of Representatives in July 2025, the bill has been submitted to the Senate Banking, Housing, and Urban Affairs Committee. It aims to clarify federal agencies’ regulatory responsibilities over digital assets and requires crypto platforms and token issuers to register and comply with reporting standards.

The main negotiation focus is on the regulation of stablecoin yield products. Cryptocurrency companies believe that regulated yield programs can expand access to financial services, while banks warn that ambiguous yield schemes could lead to deposit outflows and increase systemic risk. The two sides have not yet reached an agreement on regulatory standards for yield or staking services.

Chris Giancarlo, former chairman of the Commodity Futures Trading Commission, stated that banks need a clearer legal framework more than crypto companies do. He warned that regulatory uncertainty could hinder bank investments and cause U.S. banks to fall behind Asian and European countries in building digital financial infrastructure. He emphasized that banks should proactively embrace change rather than passively chase it.

If the bill fails to pass in the Senate, the chairs of the SEC and CFTC, Paul Atkins and Mike Selig, may step in to draft interim rules. While these agency rules would not have long-term legal effect, they could provide a feasible framework for the market in the short term.

The bill must ultimately be signed by President Trump to become law. J.P. Morgan analysts expect the CLARITY Act to be approved by mid-2026. Recent delays in hearings have affected the review process, but some lawmakers are considering rescheduling hearings before the end of March to ensure a vote before the April deadline.

The final outcome of the bill will directly impact the participation of U.S. banks in digital assets and the development of crypto yield products, as well as determine America’s leading position in the global digital financial competition.