January 20, 2026
As the putative “Tradfi rulebook for crypto,” the market structure bill is major piece of legislation that would affect many aspects of crypto industry. After appearing to gain significant momentum through year-end and in early January, the legislation has it a snag, and the so-called CLARITY Act might take longer to come into being.
What happened? Last week the Senate Banking Committee pulled its scheduled markup after Coinbase CEO Brian Armstrong said his firm could no longer support the bill. Armstrong referenced a number of concerns, but most observers believe the deal fell apart over the stablecoin yield issue. Although just one part of the broader process, delaying the markup should be considered a setback.
Key Takeaway: This could add some volatility to crypto assets in the short term but does not change the improved/crypto-friendly legislative outlook in the medium to long term. We remain bullish on digital assets, especially considering that the legislative snag seems confined to stablecoins and the ability of some entities to offer yield on accounts holding them.
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