The US Senate is preparing to move forward with the Digital Asset Market Clarity Act, with lawmakers targeting commission tokenization in the second half of April.
Recent statements by Senator Cynthia Lummis indicate that the final legislative text could be released within days, indicating that negotiations have entered their final phase.
However, the bill is moving forward The marks look physically different From previous drafts
The law of clarity has changed a lot
Over the past month, lawmakers have resolved their most controversial issue: Stablecoin return.
The latest compromise effectively prohibits negative returns on stablecoin balances, in line with banking sector requirements.
In contrast, the bill is expected to allow limited activity-based rewards tied to payments or use of the platform.
This represents a clear shift from previous proposals that left room for a wider distribution of returns. Cryptocurrency companies have sought to keep yield as a primary user incentive, but this position has been largely sacrificed to secure bipartisan support.
The cryptocurrency industry has sacrificed passive income to protect DeFi
Meanwhile, lawmakers have moved to strengthen protections for them Decentralized Finance (DeFi). The updated language is expected to clarify that developers and non-custodial protocols are not treated as financial intermediaries.
This addresses industry concerns that previous drafts may impose bank-like compliance obligations on software makers.
At the same time, the basic structure of the bill remains the same. It still creates a formal split between the CFTC and the SEC, giving the CFTC authority over digital commodities and maintaining SEC oversight of investment contract assets.
However, political pressures are shaping the timetable. Senator Bernie Moreno warned that if the bill does not pass by May, broader digital asset legislation could stall until after the 2026 midterms.
As a result, lawmakers are now balancing speed with compromise. The Clarity Act may provide long-awaited regulatory clarity, but only after the industry abandons some of its most controversial features.
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