The Digital Asset Market Structure CLARITY Act is hitting a key moment, with Senate talks now slipping into May due to delays around stablecoin rules. Most issues are close to being sorted, but timing is becoming the real problem.
According to the reports, with a tight calendar and a possible July vote window, the bill still has a shot in 2026, but there’s very little room left for further delays.
Against this backdrop, WalletConnect CEO Jess Houlgrave, in an exclusive interview with Coinpedia, shared her take on what this means for crypto adoption and where the Clarity Act still falls short.
Clarity Is Improving, But Not Complete
Houlgrave said the current version of the Clarity Act is “a step forward for the industry,” especially with clearer roles for the SEC and CFTC, defined registration paths, and better treatment of developers and self-custody.
At the same time, she made it clear that the framework is not finished.
“The Senate process is still unsettled on stablecoin yield, the DeFi provisions, and how network tokens are defined in practice,” she said, adding that these are foundational pieces that still need to be resolved.
Stablecoins Move Closer to Real Payments
On stablecoins, Houlgrave pointed to a more practical shift. With frameworks building on top of earlier efforts like the GENIUS Act, she said payment providers now have a clearer path.
“The upside is a permitted payment stablecoin framework, clearer custody rules, and a path to integrate stablecoin rails alongside existing systems,” she explained. That said, compliance remains a key layer, even if the tooling to support it already exists.
The Biggest Unlock for Crypto Adoption
For Houlgrave, the single most important regulatory decision is around self-custody.
“Giving self-custodial infrastructure a clear, durable safe harbour” would unlock growth, she said, pushing back against the idea that non-custodial software should be regulated like financial intermediaries. According to her, that confusion has slowed product development and pushed innovation offshore.
Global Fragmentation Still a Risk
While progress is visible globally, she noted that different jurisdictions are still working with different assumptions.
“Today it works despite the regulatory stack, not because of it,” she said, highlighting the need for interoperability as crypto payments scale across borders.
What Happens If It Passes
If the Clarity Act moves forward, Houlgrave expects immediate shifts in sentiment, even if full implementation takes time.
“Clarity Act passing is the starting gun, not the finish line,” she said.
Still, clearer compliance paths, institutional capital inflows, and deeper banking integration are likely to follow quickly, especially in payments and on-chain settlement.
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