Momentum is building in Washington for long-awaited cryptocurrency legislation, as Senator Bill Hagerty signaled that a key Senate committee could begin advancing a comprehensive digital asset market structure bill within weeks.
Speaking at a policy summit focused on digital assets, Hagerty indicated that Republican lawmakers are preparing to move the legislation through the Senate Banking Committee as early as next week, with the goal of pushing it forward before the end of April.
He added that lawmakers are working through remaining sticking points but expressed confidence that none are significant enough to derail progress.
Key Takeaways
- Senator Bill Hagerty indicated that the Senate Banking Committee could begin advancing a major crypto market structure bill as early as April.
- The proposed legislation, formerly known as the CLARITY Act, aims to establish a comprehensive regulatory framework for digital assets in the United States.
- A key provision would shift significant oversight responsibilities from the Securities and Exchange Commission to the Commodity Futures Trading Commission.
- Progress has been delayed by unresolved issues including stablecoin yield, tokenized equities, and broader ethical concerns among lawmakers.
- Political pressure is increasing ahead of the 2026 midterm elections, with crypto advocacy groups expected to influence how lawmakers approach the bill.
A Long-Delayed Framework Nearing Action
The legislation, previously introduced in the House of Representatives under the name CLARITY Act, is widely viewed as one of the most consequential crypto policy efforts in the United States. It aims to establish clear regulatory boundaries for digital assets—something the industry has demanded for years.
Despite its significance, the bill has faced repeated delays. Disruptions tied to federal budget disputes, disagreements over how stablecoins should be treated—particularly whether they can offer yield—and broader ethical concerns have slowed its path through Congress.
Now, with negotiations advancing, lawmakers appear closer to bridging those divides.
One of the most consequential aspects of the bill is its proposed shift in regulatory authority. Oversight of large portions of the crypto market would move away from the Securities and Exchange Commission (SEC) and toward the Commodity Futures Trading Commission (CFTC).
This change reflects ongoing debates about whether many digital assets should be treated as securities or commodities.
Dual Committee Hurdles
Because the legislation touches both securities and commodities regulation, it must pass through two Senate committees before reaching the floor.
The Senate Agriculture Committee, which oversees commodities markets, has already taken a step forward by advancing its version of the bill earlier this year. The Senate Banking Committee, responsible for securities regulation, remains the next major hurdle.
Progress there has been slower, largely due to unresolved concerns. Lawmakers have raised questions about the treatment of tokenized equities, the ethical implications of certain crypto business models, and the risks tied to stablecoin yield products.
Before a full Senate vote can occur, the Banking Committee must conduct its own markup—a process where members debate, amend, and ultimately vote on the bill. Hagerty’s comments suggest that this phase could begin imminently.
Industry Influence and Political Stakes
The timing of the legislation carries political weight. With the 2026 midterm elections approaching, lawmakers are increasingly aware of the growing influence of the crypto industry on campaign financing and voter sentiment.
Hagerty acknowledged the political calendar as a motivating factor.
Crypto advocacy groups have made it clear that they intend to play a significant role in upcoming elections. Organizations backed by major industry players have warned that lawmakers’ positions on digital asset regulation could impact their electoral prospects.
Recent election cycles have already demonstrated the sector’s financial clout. Crypto-aligned political action committees have poured substantial sums into campaign advertising, and early indications suggest that spending could increase even further ahead of 2026.
Signs of Compromise on Key Issues
Hagerty’s remarks align with recent statements from industry leaders who suggest that lawmakers are closing in on compromises around some of the most contentious aspects of the bill.
One major sticking point has been the issue of stablecoin yield—whether issuers should be allowed to offer interest or similar returns to holders. This question has divided policymakers, with concerns ranging from financial stability risks to consumer protection.
However, recent discussions indicate that negotiators may be nearing a resolution. Progress on this front could remove one of the final obstacles preventing the bill from moving forward.
In addition to stablecoins, lawmakers are also working through concerns related to tokenized equities—digital representations of traditional financial assets—and broader ethical considerations surrounding market structure and investor safeguards.
A Defining Moment for US Crypto Regulation
If the bill advances as Hagerty anticipates, it would mark a pivotal moment in the development of US crypto policy.
For years, the absence of clear regulatory guidelines has created uncertainty for companies operating in the space. Firms have often found themselves navigating overlapping or conflicting interpretations from different regulatory agencies.
A unified framework could provide much-needed clarity, potentially encouraging innovation while also strengthening investor protections.
At the same time, the proposed shift in oversight from the SEC to the CFTC would represent a major rebalancing of regulatory authority. Supporters argue that the CFTC’s approach is better suited to the unique characteristics of digital assets, while critics warn that the change could weaken oversight.
What Comes Next
The coming weeks will be critical. If the Senate Banking Committee begins its review process as expected, attention will quickly turn to how lawmakers resolve remaining disagreements and whether the bill can secure enough bipartisan support to advance.
Even if it clears committee, additional challenges remain, including a full Senate vote and potential reconciliation with the House version of the legislation.
Still, Hagerty’s comments suggest a renewed sense of urgency and optimism in Washington.
After months of delays, the prospect of meaningful crypto legislation moving forward is no longer hypothetical—it may be just weeks away.
