The Senate will submit the crypto bill before midnight tonight, with stablecoin yield controversy becoming the last bastion

2026-01-13 02:38:37

The U.S. Senate Banking Committee is racing against the deadline. According to the latest news, the committee plans to submit its latest bipartisan draft of the “Digital Asset Market Clarity Act” (CLARITY Act) before midnight local time today (January 13), with stablecoin yield issues becoming the most contentious point in the process. With only two days left until the committee vote on January 15, bipartisan negotiations are in their final stages for this bill that concerns the future regulatory framework of cryptocurrencies in the United States.

Why Has Stablecoin Yield Become the Biggest Controversy

The issue of stablecoin yields being the “most difficult problem” reflects fundamental disagreements within the crypto ecosystem.

According to relevant information, provisions in the bill that restrict stablecoin rewards and developer responsibilities have sparked strong opposition. Specifically, the controversies include:

Stablecoin yield ownership: Who should receive the profits generated by stablecoins? The issuer, the users, or others?
Developer responsibility: To what extent should developers be held accountable in the DeFi ecosystem?
Market competitiveness: Excessive restrictions on yields could weaken the global competitiveness of U.S. stablecoins.

Coinbase’s stance best illustrates the issue—this major exchange has threatened to withdraw support for the bill if certain restrictions are implemented. This indicates how deep industry opposition runs against some of the provisions.

Core Content of the Bill and Market Expectations

Despite disagreements over stablecoin yields, the overall framework of the bill has been largely finalized. According to relevant information, the bill aims to:

Core Objective	Specific Content
Trading Regulation	Crack down on false trading, deceptive practices, and fake trading volume
Risk Management	Mandate proof of reserves
Responsibility Allocation	Clarify the roles of SEC and CFTC in digital asset regulation
Compliance Framework	Establish a foundational regulatory framework for the U.S. crypto market

Market optimism about the bill’s passage is quite high. Forecast markets indicate an approximately 80% chance of the bill passing this year. Analysts suggest that if the bill is enacted, market manipulation could decrease by 70% to 80%, removing significant barriers for large institutional capital to enter the crypto space.

The Final Sprint Against Time

From a timeline perspective, the process is now in its final countdown:

Before midnight on January 13: Submission of the bipartisan draft bill
10:00 AM on January 15: Senate Banking Committee votes
After the vote: The bill proceeds to a full Senate vote, then returns to the House for final approval, and finally is sent to President Trump for signing into law

This tight schedule reflects a high level of consensus between the two parties on crypto regulation. Notably, the Trump administration has expressed support, greatly increasing the likelihood of the bill being signed into law by the president.

What Does This Mean

From a broader perspective, the advancement of this bill marks a shift in U.S. cryptocurrency regulation from “absence” to “clarity.” Senate Banking Committee Chairman Tim Scott has stated the goal of “making the U.S. the global center for cryptocurrencies,” which is no longer just rhetoric but an actionable policy objective.

According to relevant information, this legislation will cover banking law, securities law, and commodities law, nearly encompassing all aspects of the crypto ecosystem. This is the first attempt in over a decade for the U.S. to establish a comprehensive federal regulatory framework for the entire crypto industry.

Summary

With the midnight deadline of the Senate Banking Committee approaching, stablecoin yield issues have become the final point of contention, but this does not diminish the overall probability of the bill passing. Once the committee vote on January 15 is approved, the bill will proceed to a full Senate vote, with the final step likely being President Trump signing it into law. This signifies that the U.S. cryptocurrency market is about to enter a “compliance era”—a new phase that is more transparent, orderly, but also more regulated. For the industry, this presents both opportunities and challenges.

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