The US crypto market structure bill hits a new roadblock after banks refused to support a White House compromise on stablecoin yield provisions.
The CLARITY Act, the landmark US crypto market structure bill, faces serious doubt after the banking sector rejected a White House compromise proposal, raising questions about whether Congress can pass the legislation before the midterm election window closes.
Banks declined to support a compromise brokered by the White House on March 5, 2026, creating a fresh stalemate around the Digital Asset Market Clarity Act. The administration had proposed allowing stablecoin issuers to offer rewards on peer-to-peer payment activity while prohibiting yield on idle balances.
Crypto firms accepted the compromise, but lenders signaled they cannot support it. Banks argue that yield-bearing stablecoin products could siphon deposits away from traditional institutions, making it harder to fund loans and maintain credit creation. The breakdown follows months of negotiations between the crypto industry, banking lobby, and Congressional leadership.
The CLARITY Act represents the most comprehensive attempt at crypto regulation in US history. It would establish clear rules for which digital assets fall under SEC or CFTC jurisdiction, a question that has created years of regulatory uncertainty.
President Trump publicly urged passage of the bill on March 3, criticizing banks for "undercutting" the related GENIUS stablecoin legislation. Despite bipartisan support for the general framework, the stablecoin yield provisions have become the central sticking point. Without a resolution, the bill risks missing the 2026 legislative window entirely as Congress shifts focus to midterm elections.
Congressional leaders have limited time to bridge the gap between banks and crypto firms. If the CLARITY Act stalls past the summer session, passage in the current Congress becomes unlikely. Crypto markets have already factored in the expectation of regulatory clarity, and a prolonged delay could weigh on sentiment in a market already trading at extreme fear levels.
The CLARITY Act's future hinges on whether the banking industry and crypto sector can find common ground on stablecoin yield rules. With the midterm election cycle approaching, the window for passing landmark crypto legislation is narrowing.
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