Hey, it’s Marc,

The CLARITY Act missed its March 1 deadline because banks and crypto can't agree on one number: 4.5%.

That's the yield Coinbase pays on USDC. Your bank pays 0.01%. A Treasury study says $6.6 trillion in deposits are at risk.

The most important crypto bill in U.S. history is stuck, with four months before the midterms freeze everything. [RELEASE]

The CLARITY Act passed the House in July 2025 with bipartisan support (294-134). It divides crypto oversight between the SEC and CFTC, creates registration pathways for exchanges, and establishes safe harbors for DeFi builders. The Senate was supposed to finish the job. It didn’t. [RELEASE]

On January 12, the Senate Banking Committee released a 278-page draft that banned stablecoin yield payments. On January 14, Coinbase CEO Brian Armstrong withdrew support. Chairman Tim Scott cancelled the markup. Since then, the White House brokered multiple closed-door meetings. Every session stalled on yield. On February 20, the White House set March 1 as a hard deadline. It passed without a deal. On March 3, Trump accused banks of holding the bill hostage. On March 5, the ABA rejected the White House yield compromise.