Daily Observation of Cryptocurrency Concept Stocks: Senate Reconvenes, Stablecoin Yield Provisions Become Key to the Success or Failure of the CLARITY Act

1. Why Today is a Key Node: Physical Constraints of the Legislative Clock

The Senate today (April 13) ends the Easter recess and resumes the full session, with the target window for the CLARITY Act Banking Committee markup set for late April, under the control of Committee Chairman Tim Scott. Alex Thorn, head of Galaxy Research, explicitly warned that if the bill fails to pass committee review in April, the probability of completing legislation by 2026 will drop to "extremely low." From a procedural standpoint, before the bill is officially signed, it must complete: Banking Committee markup, 60 votes in the full Senate, coordination with the Agriculture Committee version, coordination with the House version from July 2025, and finally be sent to the President for signature—this five-step process must be completed in less than two months.

2. Armstrong's Change of Position: Coinbase Shifts from Opposition to Endorsement

Coinbase Global, Inc. (NASDAQ: $COIN) CEO Brian Armstrong directly replied to Treasury Secretary Scott Bessent on the X platform on April 10, officially announcing support for the CLARITY Act, stating "Now is the time to pass the CLARITY Act." Previously, he had clearly stated in January that "it is better to have no bill than a bad bill," actively blocking the committee markup process at that time. According to media reports, part of the driving factors behind this shift comes from a study released by the White House Council of Economic Advisers on April 8, which reportedly concluded that a comprehensive ban on passive income has limited actual protective effects on the stability of bank deposits—this qualitative assessment provides a basis for advancing a compromise solution politically. Notably, market estimates suggest that Coinbase's stablecoin-related revenue accounts for about 20% of its total revenue, and Armstrong's endorsement is a strategic choice after confirming the retention of activity incentive terms, with specific financial data to be disclosed in Coinbase's official financial reports.

3. Circle's Core Variable: Final Wording of the Income Terms

For Circle Internet Group, Inc. (NYSE: $CRCL), the differences in wording of the final text of the CLARITY Act will directly impact the valuation pricing of its business model. The core logic of the Tillis-Alsobrooks compromise framework that has formed is: prohibiting crypto platforms from paying interest on simply holding stablecoin balances, but allowing activity incentives and reward programs linked to payment behavior and platform usage. If this framework is ultimately written into law, Circle can maintain a reward ecosystem based on USDC usage within a compliant framework, and the reserve interest income generated from its over $70 billion USDC market cap can also be partially transmitted through activity incentives, thus maintaining USDC's appeal to institutional and retail users. Conversely, if the banking sector successfully narrows the definition of activity incentives in the final stages, Circle's revenue structure will face direct compression. Circle's stock price has fallen over 65% in the past six months, and the current stock price already reflects a significant discount due to regulatory uncertainty; the outcome of the April markup will be a direct trigger for whether its valuation can recover.

April Markup is the Most Important Single Catalytic Event for 2026 Crypto Concept Stocks

Senator Bill Hagerty previously stated that there is sufficient consensus to support the bill's advancement to the Banking Committee during the working period after the Senate reconvenes on April 13; the White House has also publicly pressured banking institutions to "remove all obstacles" to ensure the bill reaches the President's desk before the midterm election cycle heats up. From the perspective of capital market logic, a significant portion of the discount in the current valuation of crypto concept stocks stems from systemic uncertainty caused by ambiguous legal attributes. Once the CLARITY Act passes the committee, the expectation of "ending regulatory uncertainty" itself is enough to trigger a valuation reassessment, even before the actual implementation time of the final signing. The markup voting results in late April are the single legislative variable most worth closely tracking at this stage.

Data source: https://bbx.com/ Crypto concept stock information database, compiled based on yesterday's announcements from global listed companies and SEC/TSE disclosure documents.