U.S. Senate Sets April Date for Committee Deliberation of the Clarity Act, Potential Delay Until 2027 if Not Passed in May

The U.S. Senate has confirmed that it will conduct committee deliberations on the cryptocurrency market structure bill, the Clarity Act, in late April. The major point of contention in the bill is the clause that prohibits passive yield on stablecoin holdings, although rewards linked to transactional or settlement activities will continue to be permitted. This clause directly impacts Coinbase's annual revenue, potentially affecting approximately $1.35 billion related to stablecoin earnings.