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Home/Markets & Investing/CRYPTO IRS RULING · COINBASE

Senate Banking Committee delay puts the CLARITY Act at risk of death by procedure

CS

Charlie Stafford

crypto IRS ruling · Apr 16, 2026

Senate Banking Committee delay puts the CLARITY Act at risk of death by procedure

Source: DojiDoji Data Terminal

Institutional investors are delaying the launch of custody products and tokenization frameworks because of the lack of statutory clarity. This delay is the result of the Senate Banking Committee's failure to schedule a markup for the Digital Asset Market Clarity Act (H.R. 3633).

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Even Partial Crypto Clarity Could Unlock Institutional Capital, Ripple CEO Says

Even partial regulatory clarity could unlock institutional capital into digital assets, Ripple CEO Brad Garlinghouse says, as momentum builds in Washington for the CLARITY Act. While Garlinghouse has cooled his earlier optimism about the bill’s immediate passage, he insists negotiations are nearing resolution—pointing to increased coordination between the SEC and CFTC as evidence that a unified framework is becoming inevitable. His view reflects a broader industry shift: accepting incremental progress over continued ambiguity. Lawmakers including Bill Hagerty suggest the bill could advance through the Senate Banking Committee as early as April 2026. Scott Bessent has also urged Congress to accelerate legislative efforts. For firms like Ripple, the stakes are high. Exchanges such as Bitrue believe XRP could benefit directly from improved legal certainty. With institutional investors prioritizing compliance, even a partial framework could strengthen the legal standing of digital assets and trigger broader market adoption.

Senate Banking Committee Chairman Tim Scott controls the markup calendar. Under committee rules, the bill text must be published at least 48 hours before any markup hearing. Senator Thom Tillis is releasing the revised stablecoin yield text this week, which triggers the procedural clock to schedule a vote.

Related Brief1d ago
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White House Signals Finality on CLARITY Act Crypto Regulation

The Senate floor is expected to hold a vote on the CLARITY Act by late May. This follows the expected release of an updated stablecoin yield compromise draft by Senator Thom Tillis this week. The White House crypto adviser, Patrick Witt, stated that negotiations have cleared most remaining obstacles, including the DeFi rules and ethics provisions that had previously been viewed as intractable. The stablecoin yield dispute, which dominated headlines for three months, is largely settled under the Tillis-Alsobrooks framework. The bill cleared the House in July 2025 by a 294 to 134 vote and the Senate Agriculture Committee in January 2026. The Banking Committee must now set a markup date. Following the committee vote, the Banking and Agriculture Committee versions must be reconciled, and the combined Senate text must be reconciled with the House version before a presidential signature. The CLARITY Act becomes law after reconciliation and presidential signature.

Working backward from the Memorial Day deadline, the bill must clear the Banking Committee by mid-May at the latest to allow for reconciliation with the Senate Agriculture version and a 60-vote Senate floor vote. If the bill does not reach the Senate floor by May, it likely will not move at all this Congress. The August recess runs from August 10 to September 1L11, and the midterm campaign recess begins October 5.

Related Brief2d ago
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XRP Whale Transfer to Coinbase Signals Potential Sell-Off

A major holder of XRP may be preparing to sell $119 million in tokens. The movement of 89,828,700 XRP to a Coinbase-linked address suggests a potential sell-off or position rebalancing. This occurs because assets moved to a centralized exchange are more liquid and readily tradable than those held in personal wallets. The transfer began from wallet address rMWqYat3nJXSLoyqB5tUsfYp6KLgoMHXTN and passed through an intermediate wallet, rwnYLUsoBQX3ECa1A5bSKLdbPoHKLnqf63J, before reaching the final Coinbase-associated address, rRmgo6NW1W7GHjC5qEpcpQnq8NE74ZS1P. The movement of 89,828,700 XRP worth $119 million to Coinbase may signal that a major holder is preparing to sell.

By traditional Senate norms, bipartisan cooperation on major legislation collapses once members enter the reelection cycle. The final consequence is that a bill that misses the May window is not rescheduled, but is reborn in a different Congress with different priorities.

Related Brief1d ago
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A stablecoin yield compromise could save consumers $800 million annually

Consumers could lose $800 million per year if a full ban on stablecoin yields is enacted. The White House estimated this cost to the public in a study on deposit flight risk to traditional banks. The American Bankers Association argued that allowing yields on stablecoins would pull deposits away from smaller community banks. This dispute over yield provisions has been the primary sticking point for the Senate. The House passed the CLARITY Act in July 2025, and the Senate Agriculture Committee approved its portion of the bill in January. To move forward, the Senate Banking Committee must schedule a markup vote. Only after that vote can the full Senate vote on the bill. Ripple CEO Brad Garlinghouse expects the bill to pass by the end of May.

crypto IRS rulingCoinbasecrypto money laundering enforcementRipple XRP SEC

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