The Digital Asset Market Clarity Act, the crypto industry's most important piece of pending legislation, is caught between two forces that could stall it indefinitely.

Banks Draw the Line

On March 5, the American Bankers Association formally rejected a compromise the White House had spent weeks brokering. The core dispute centers on stablecoin yield: whether crypto platforms can offer interest-like returns on dollar-denominated tokens such as USDC. Banks argue this would siphon deposits away from traditional savings accounts, creating an unlevel playing field. The White House had set March 1 as a deadline for compromise language, but the text never materialized.

Trump's SAVE Act Ultimatum

Adding another layer of uncertainty, President Trump declared on March 9 that he would refuse to sign any legislation until Congress passes the SAVE America Act, his voter-ID and elections bill. "I'm willing to just sort of say I'm not going to sign anything until this is approved," Trump told Republicans at a Florida conference. While Trump has personally championed the CLARITY Act and publicly pressured banks for blocking it, the voter-ID ultimatum now puts both priorities in direct tension.

Narrowing Window

The CLARITY Act passed the House 294-134 in July 2025 and cleared the Senate Agriculture Committee, but the Senate Banking Committee hearing was postponed indefinitely in January after Coinbase CEO Brian Armstrong withdrew support, citing terms too favorable to banks. Polymarket currently gives the GOP an 85% chance of losing the House in November's midterms, which means the legislative window is closing fast. Solana Policy Institute president Kristin Smith told Fortune the bill could still pass by July, but acknowledged the path has grown steeper.