A significant US bill concerning cryptocurrency, called the CLARITY Act, is nearing a final vote in the Senate. The Senate Banking Committee is expected to make its final changes to the bill in May, potentially leading to a vote soon after.
Mark Yusko, CEO of Morgan Creek Capital, believes that while many in the crypto world are celebrating the new legislation, it might actually extend the current difficulties in the digital asset market.
Bear Market Could Extend Beyond October
In a recent YouTube interview with Paul Barron, published on Tuesday, Rick Yusko strongly criticized the CLARITY Act, calling it “a horrible bill.” He cautioned that passing the act wouldn’t likely lead to the positive market changes some investors expect, and instead, negative market conditions could last for several more months, potentially extending beyond September and October.
Yusko raised concerns about who was really behind the bill, suggesting it seemed crafted by large, established banks.
During our conversation, the executive brought up comments made by Bank of America’s CEO, Brian Moynihan. He argued that if customers could earn yields on stablecoins, Bank of America could potentially lose trillions in deposits.
Yusko believes this type of benefit would discourage big banks from competing, because people will naturally move their money to where they can earn better returns.
As a crypto investor, I’ve been watching closely, and it seems pretty clear to me that the big banks are letting everyone know where their focus is. What *is* confusing, though, is the recent shift in stance I’ve noticed with Senator Lummis – it feels like a bit of a political about-face.
Yusko pointed to her previous support for President Trump’s idea to create a Bitcoin reserve, and then highlighted her current support for the CLARITY Act. She believes these two positions are inconsistent, especially considering where the CLARITY Act appears to be heading.
Lummis Rejects Further CLARITY Act Delays
Senator Thom Tillis stated on Tuesday that he doesn’t anticipate the CLARITY Act being debated in April. He believes the committee should prioritize a discussion in May, with the week of May 11th being the earliest opportunity, as the Senate is scheduled to be on break beforehand.
According to Crypto In America, the committee needed to inform its members by Friday to move forward with a vote next week. That notification hasn’t been sent, likely because of ongoing discussions about stablecoin yields.
Senator Lummis has spoken out against postponing the CLARITY Act, stating that any further delay would be unacceptable, according to a statement given to Crypto In America.
She expressed pride in the bipartisan progress achieved and stated she won’t let colleagues jeopardize meaningful advancements by insisting on a flawless bill, acknowledging that such a bill is unrealistic.
The Senator, who supports cryptocurrency, also cautioned that the dangers of using offshore exchanges are significant and that lawmakers are running out of time to address the issue. She urged quick action, stating, “We need to finalize this now.”
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2026-04-23 00:41