The CLARITY Act, one of the most significant U.S. crypto market structure bills, is approaching a make-or-break window in the Senate. Sen. Bill Hagerty said the legislation is set to be taken up by the Senate Banking Committee during the current work period, but lawmakers are running into a tight timeline ahead of the Memorial Day recess. According to Senate sources, the committee has roughly two weeks to schedule and complete a markup. Banking Committee Chair Tim Scott has yet to announce a markup date, leaving the bill in limbo. If the measure is not voted out of committee by the end of April, supporters warn it may never reach a full Senate floor vote. The calendar is a growing headwind. After Memorial Day, attention is expected to shift toward the 2026 U.S. midterm elections, with campaigning intensifying by October. Lawmakers also cite political risk: a change in control of Congress after November could further complicate passage, making a near-term floor vote critical. A key reason for the four-month delay has been a fight over stablecoin yield—whether platforms such as Coinbase should be allowed to offer interest-like rewards on stablecoins. Banks have pushed back sharply, arguing the feature could siphon deposits from the banking system. The Independent Community Bankers of America has warned small banks could face as much as $1.3 trillion in deposit losses. Large banks reportedly spent about $56.7 million on lobbying against the provision in 2025. Coinpedia recently reported that a White House analysis disputed the scale of the banking impact. The report estimated that banning stablecoin yield would increase bank lending by roughly $2.1 billion, about 0.02% of total U.S. loans, while consumers would lose around $800 million annually. Supporters argue the bill is needed to end years of regulatory uncertainty. For nearly a decade, U.S. crypto policy has largely evolved through enforcement actions and court rulings, leaving exchanges, developers, and investors without clear statutory rules. The CLARITY Act would formalize a division of oversight between the SEC and the CFTC. A joint SEC-CFTC report dated March 17, 2026, classified Bitcoin, Ethereum, Solana, XRP, and Dogecoin as digital commodities. Backers say the CLARITY Act would codify that framework into law, reducing the risk of future policy reversals. The next two weeks are widely viewed as decisive. If the Banking Committee schedules and advances the markup and the bill reaches the Senate floor in May, supporters say final approval could follow by early summer. Failure to act could push the legislation past the election cycle or leave it to be reshaped—or shelved—in its current form.