It is reported that the regulatory proposal called CLARITY, which aims to bring clearer rules for the digital asset market in the USA, is difficult to become law unless Congress completes its process quickly within this year. Alex Thorn, head of research at Galaxy Digital, known for its digital asset management and research, stated that the regulation may lose interest in the coming months.
Congress Calendar and Committee Obstacle
In his social media post, Alex Thorn stated that in order for the CLARITY law to remain valid, it must pass the Senate committee by the end of April. According to Thorn, if the bill does not reach the Senate plenary session in early May, it will become increasingly difficult for Congress to move forward due to other legislative priorities.
Stablecoin Debate and Industry Obstacles
The most discussed issue in the law is the articles regarding whether companies issuing stablecoins can offer returns to their users. Traditional banking representatives warn that such opportunities could lead to customer deposits being withdrawn from banks. On the other hand, crypto companies argue that the yield mechanism will strengthen the role of stablecoins in payment and finance.
Thorn states that the stablecoin return agenda is not the only obstacle, and that there is no consensus on topics such as the protection of decentralized finance applications and blockchain developers. In addition, it is noteworthy that new discussions may arise regarding the sharing of authority of regulatory institutions.
Senate Banking Committee member Angela Alsobrooks is of the opinion that compromise between the parties can only be possible through compromises. According to Alsobrooks, both the crypto industry and the banking community may need to compromise their wishes in order to resolve the current disputes.
On the other hand, it is stated that the timing obstacle comes to the fore in the Congress. Senate Majority Leader John Thune said that regulations regarding the digital asset market structure could be put on the agenda after April at the earliest; He states that priority draft laws that shorten the time period come first in the rankings. The inclusion of the SAVE America law as a priority agenda leads to a narrowing of the process for CLARITY.
According to TD Cowen’s analysis, if political disagreements continue, crypto market regulation is likely to come into force in 2027 and beyond. In such a case, the results of the presidential elections may become decisive for the final regulations.
Coinbase’s corporate strategy manager states that comprehensive market regulation will take longer to complete than stablecoin regulations, but he shares the view that bipartisan support maintains the possibility of it becoming law in 2026.
Finally, it was stated that US President Donald Trump also argued that the regulatory framework should be established quickly at the White House level and criticized banks for delaying the process.
