Catenaa, Monday, December 07, 2025- Efforts to advance a major crypto market structure bill in the United States Senate slowed this week as lawmakers struggled to settle three disputes before a planned markup.
Variant Fund legal officer Jake Chervinsky said negotiators continue to work through difficult areas, and he does not expect a committee vote this month.
The House approved the Clarity Act in July, setting guidelines on which tokens count as non securities and how centralized platforms must operate.
The Senate Banking Committee handles securities rules while the Agriculture Committee covers commodities language. Both must agree to send a draft to the full Senate.
The first dispute concerns stablecoin yield. Banks want tighter limits after past legislation blocked issuers from paying interest.
They now want rules that would cover reward programs and third party payouts. Analysts said the change could reduce support in both parties.
A second issue involves potential conflicts of interest tied to the president’s family and crypto business activity. Some lawmakers want bans in the bill. Talks have not produced compromise text.
The third issue deals with decentralized finance. Some firms want developers and validators treated as intermediaries under federal rules. Industry voices argue that regulation should only apply to platforms holding customer funds.
Congressional aides said time is running short with few legislative days remaining this year. Analysts expect talks to continue into January.
