Yusko warns CLARITY Act could prolong crypto bear market beyond October

Yusko warns the CLARITY Act, now nearing a Senate Banking markup window in May, could extend the crypto bear market past September–October. Lummis rejects more delays and pushes to pass it.

The bill is tracking toward the committee’s final markup in May, not April, per Senator Thom Tillis. The first possible window is the week of May 11. A next‑week markup would have required member notice by Friday, which reportedly hasn’t gone out, tied to ongoing talks over stablecoin‑yield provisions (Crypto In America).

Mark Yusko called the bill “a horrible bill” and said passage would not flip markets bullish. He sees bearish conditions persisting beyond September and October (YouTube interview).

He argued “big incumbents,” meaning large banks, shaped the text. He cited remarks attributed to Bank of America CEO Brian Moynihan that the bank would “lose trillions of dollars of deposits” if customers could earn stablecoin yields, reinforcing banks’ incentives to resist competition (NewsBTC on stablecoin yields and access to Fed rails). He also contrasted Senator Cynthia Lummis’s earlier support for a Trump “strategic Bitcoin reserve” idea with her current backing of the CLARITY Act (NewsBTC report reference).

Lummis pushed back on more delays. “Further delay is unacceptable.” She said she’s proud of bipartisan progress, warned that “offshore risk is real,” and urged getting the bill done (Crypto In America).

Headline: Yusko: CLARITY Act could prolong bear market; Lummis demands May action