Senators are preparing to release a revised draft of the CLARITY Act — the long‑awaited crypto market‑structure bill — as soon as this week, according to Eleanor Terrett of Crypto In America. Lawmakers reportedly hope to publish language that settles the politically sensitive dispute over stablecoin yield and rewards before Congress returns from its Easter recess on April 13.
At the center of the fight is how platforms can offer incentives without triggering a run of deposits away from traditional banks. Earlier versions of the CLARITY Act would broadly bar platforms from offering yield “directly or indirectly” on stablecoins or on assets that function like bank deposits, a restriction flagged by industry observers and reported by Bitcoinist. The newest draft is said to seek a compromise: preserve that core restriction while explicitly permitting activity‑based incentives such as loyalty points and promotional offers, and give regulators a one‑year window to define which incentives are allowed and to write anti‑evasion rules.
The tentative approach has already drawn a visible response from the industry. Coinbase’s head of investment research, David Duong, said participants are coordinating a counterproposal to argue for targeted changes that protect customers and keep viable rewards programs intact. At the same time, a spokesperson for Senator Thom Tillis told Crypto In America the revised text reflects ongoing conversations with industry groups — including banks — suggesting lawmakers are trying to balance competing concerns.
Several consequential policy questions remain open and are expected to drive final negotiations: how to safeguard decentralized finance (DeFi) activity, how tokens will be classified under law, and the regulatory framework for tokenizing real‑world assets (RWAs), Terrett reports. Those issues will shape whether the bill fosters scalable, mainstream adoption or imposes constraints that push activity offshore or into less regulated corners of the market.
Parallel to the legislative push, the crypto industry is stepping up political engagement. Anchorage Digital and Chainlink on Monday announced the Blockchain Leadership Fund, a bipartisan hybrid PAC backed by members of the Digital Chamber. The fund aims to support federal, state, and local candidates and policymakers who back “durable, innovation‑friendly” digital asset rules.
Anchorage framed the fund as a response to the high stakes of current policymaking: “Crypto policy is being written right now and the companies that show up and engage will help define the rules of the road; the ones that don’t will inherit them,” a spokesperson said. Chainlink emphasized the fragile opportunity before lawmakers: the market‑structure bill is where “the real complexity lives,” and candidates willing to work through that complexity deserve sustained industry support. Chainlink also noted that its institutional partners are building blockchain infrastructure that will need a policy environment capable of scaling adoption.
The coming days could be decisive: an updated CLARITY Act draft may be released imminently, setting the terms for a major debate over stablecoin policy, platform incentives, DeFi safeguards, token classification, and the future of tokenized real‑world assets. Industry lobbying and new political organizing suggest both sides know the consequences of how those rules are written.
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