A year after the stablecoin law passed, the market structure bill remains stuck. Key figures from Novogratz to Smith say the ethics language is the last hurdle.
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The GENIUS Act became law a year ago this past week, clearing the way for regulated payment stablecoins in the United States. The stablecoin bill moved through Congress with relative speed. The CLARITY Act, which would set market infrastructure rules for crypto, has not followed the same path.
Crypto Council for Innovation CEO Ji Hun Kim marked the anniversary with a statement. He called the GENIUS Act a federal framework for payment stablecoins with clear reserve standards. He thanked President Trump for signing it and urged Congress to pass the CLARITY Act, saying “the time is now.”
Galaxy Digital CEO Mike Novogratz said the ethics clause is down to “word smithing.” He argued that both parties know voters do not want politicians getting a financial edge. “I am calling on both sides to read the room,” Novogratz said. Republican senators need to push harder with the White House, he added. Democrats need to recognize that a digital assets bill cannot solve government-wide corruption.
CFTC Chairman Mike Silag said the GENIUS Act helped make America the crypto capital of the world. The CLARITY Act would build on that. The CFTC, which is expected to oversee the spot market for digital assets under the bill, has one commissioner and all of crypto to regulate.
The updated language of the CLARITY Act, expected weeks ago, has not appeared.
Kristin Smith, former CEO of the Blockchain Association and now president at Solana, said the last piece is the ethics portion. Some Democrats have pushed for it. Smith said the language must apply to Congress, not just the President and the White House. She called it a “make or break moment” for the bill. “This is a legacy-making moment for the President, and he knows how to close a deal,” Smith said. “Get ethics right, break the logjam, and he signs the most important crypto law in American history.”
Coinbase Chief Legal Officer Paul Grewal, who is leaving the company, said the bill protects consumers and businesses while strengthening guardrails against abuse. “If you love crypto, pass the CLARITY Act. If you hate crypto, pass it too,” he said.
With the summer recess approaching, pressure on lawmakers is mounting. Smith said both sides of the aisle want to get it done. The question is whether the ethics language can satisfy the demands of the holdouts.
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