The most important piece of crypto legislation in U.S. history is stuck in the Senate because banks and crypto companies cannot agree on whether stablecoins should pay interest.

The Digital Asset Market Clarity Act (H.R. 3633) passed the House on July 17, 2025 with a bipartisan vote of 294-134. The White House supports it. The SEC and CFTC chairs are aligned on implementation. Trump has called it essential to keeping the U.S. as the “crypto capital of the world.” And yet the bill sits in the Senate Banking Committee with no markup date, held up by a fight over stablecoin yield that pits JPMorgan, Bank of America, and Wells Fargo against Coinbase, Circle, and Ripple.

Here is what the bill actually does, what is blocking it, and what…