Washington, D.C. — After a dramatic two-day delay caused by a severe winter storm that paralyzed the capital, the Senate Agriculture Committee finally convenes today, January 29, 2026, for the high-stakes markup of the CLARITY Act (Digital Asset Market Clarity Act). With Bitcoin hovering near $90,000 and the 2026 crypto bull run entering a decisive phase, industry leaders and investors are watching closely. The bill, which seeks to establish a definitive federal framework for digital assets, faces a critical test as emergency White House meetings loom to resolve a bitter standoff between banking executives and crypto heavyweights.
CLARITY Act Markup: A Defining Moment for US Crypto Legislation
Committee Chairman John Boozman (R-AR) called the session to order this morning, aiming to advance the legislation that would finally draw clear regulatory lines between the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC). The markup comes at a precarious moment; just days ago, major industry players like Coinbase signaled they might withdraw support over controversial provisions regarding stablecoin yields, threatening to derail the bill entirely.
"We cannot afford another year of ambiguity," Boozman stated in his opening remarks. "The CLARITY Act is about ensuring American competitiveness in the digital economy. The delay caused by the weather gave us 48 extra hours to deliberate, but the time for action is now."
Durbin-Marshall Amendment Dropped
In a surprising development that smoothed the path for today's proceedings, Senators Roger Marshall (R-KS) and Dick Durbin (D-IL) reportedly agreed late last night to drop their contentious "credit card swipe fee" amendment. This unrelated provision had threatened to poison the bill's bipartisan support. Its removal is seen as a major tactical victory for crypto lobbyists, clearing a significant legislative hurdle.
Banking vs. Crypto: The Stablecoin Standoff
While the procedural path has cleared, the ideological battle remains fierce. The core conflict threatens to fracture the fragile coalition supporting the market structure bill. At the heart of the dispute is the "yield vs. reward" issue for stablecoins. The American Bankers Association (ABA) has aggressively lobbied to prohibit non-bank stablecoin issuers from paying interest or "rewards" to customers, viewing it as an existential threat to community bank deposits.
Conversely, crypto advocates argue that banning rewards stifles innovation and punishes consumers. The tension reached a boiling point earlier this week when Coinbase withdrew its endorsement of the Senate draft, citing these restrictive measures. "If the CLARITY Act becomes a tool to protect legacy banking monopolies rather than foster innovation, it fails its primary purpose," a coalition of crypto advocacy groups wrote in an open letter to the committee.
White House Intervenes: Emergency Meeting Set for Feb 2
Recognizing the danger of a legislative collapse, the White House has stepped in. Patrick Witt, Executive Director of the White House Crypto Council, confirmed late Wednesday that the administration will host an emergency summit on Monday, February 2. This meeting will bring together top banking executives and crypto industry leaders in a last-ditch effort to broker a compromise before the bill moves to the full Senate floor.
"There will be a crypto market structure bill—it's a question of when, not if," Witt posted on social media, signaling the Trump administration's determination to sign legislation before the mid-term campaign season heats up. The administration is reportedly pushing for a "safe harbor" compromise that would allow regulated stablecoin issuers to offer yield under specific disclosure requirements, a middle ground that could bring both sides back to the table.
Implications for the 2026 Bitcoin Bull Run
The legislative drama is playing out against a backdrop of intense market optimism. Analysts predict that the passage of the CLARITY Act could serve as the ultimate catalyst for the Bitcoin bull run 2026, potentially pushing the asset well past the six-figure mark. A clear regulatory framework would unlock billions in institutional capital currently sitting on the sidelines.
However, failure to pass the bill—or the passage of a crippled version—could have the opposite effect. "The market has priced in regulatory clarity," notes senior market analyst Mark Palmer. "If the Senate Ag Committee fails to deliver a workable bill today, or if the banking lobby succeeds in neutering the stablecoin sector, we could see a sharp correction and a 'crypto winter' freeze on US innovation."
What to Watch Next
As the markup continues through the afternoon, observers are keeping a close eye on amendments proposed by Ranking Member Amy Klobuchar (D-MN). Her proposals include establishing a "Digital Commodity Retail Advocate" to protect consumers and a requirement that the CFTC be fully staffed before assuming new powers. If these amendments pass without diluting the bill's core promise of clarity, the legislation will move one step closer to the President's desk.
