The CLARITY Act will be the focus of renewed Senate activity as lawmakers push to resolve stalled crypto legislation. Pressure has increased inside the Senate Banking Committee as January unfolds. The committee faces a limited window to determine whether the bill can advance with bipartisan backing.
CLARITY Act Talks Enter Critical January Phase
As reported by Punchbowl News, there will be a bipartisan meeting at the Senate on Tuesday . The discussions come when the Senate Banking Committee approaches a critical stage of the crypto market structure bills. January is considered a crucial month before the Senate heads away on the Martin Luther King Jr. Day recess.
Members of the Senate Banking Committee were unable to come to a bipartisan agreement as an agreement on a markup in 2025. The push to the CLARITY Act has put leadership strains on the committee. The negotiations have lasted several months. This has been aimed at aligning Republicans and Democrats on a system of regulating digital assets in the U.S. financial system.
Punchbowl reporter Brendan Pedersen, revelaed in an X post that Committee Chair Tim Scott arranged the coming meeting. In early December, Scott had warned that any time delay would cause a change of strategy. He added that he can move without bipartisan approval in case the negotiations last into the first part of 2026.
Lummis Pushes for Bipartisan Support Before Markup
On Monday night, Senator Cynthia Lummis mentioned the way forward on the bill. A markup, she said, ought not to pass without the action of the Democrats. According to Lummis, democrats should be related to the structure to make them comfortable to cast a vote.
Such a requirement may be placed under pressure in the event of the length of negotiations. Tim Scott, Chairman of the committee, was also asked whether the table has a party-line markup. He pointed out that he will continue to be able to pass a bipartisan bill. By way of additional delay, he said, the committee must proceed without them to show the stand of members.
The prospective date of CLARITY Act markup has been Jan 15. However, the question remains as to whether politicians on both sides will be in good faith to support the bill. The bill would require cross-party backing in order to get out of committee to the Senate floor.
The markup was extended till 2026 by a breakdown in negotiations over unresolved issues. These encompassed limitations to the yield planning of stablecoins based on the GENIUS Act. The crypto legislation also continued to be divided by the lawmakers regarding the token classification, illicit finance controls and ethics standards.
Source: https://coingape.com/clarity-act-update-bipartisan-senators-to-meet-tomorrow/
