Future timeline of the Clear Act legislative process

First, it is important to clarify that the passage of the Clear Act follows a dual-track system due to the division of responsibilities among Senate committees: the Banking Committee oversees the SEC (banking regulation), and the Agriculture Committee oversees the CFTC (commodity regulation). As a result, two separate versions will be passed before being merged into a single version for a full Senate vote.

The future timeline is as follows:

1. The version originally scheduled for review by the Banking Committee on January 15 was delayed due to public opposition from Coinbase, but with pressure from the White House, both sides have returned to the negotiating table;

2. On January 27, the Agriculture Committee will review and vote on its version, which does not include the controversial "stablecoin interest" provision and will grant the CFTC authority over spot regulation of "digital commodities" (BTC/ETH) (a more moderate approach compared to SEC regulation);

3. The Banking Committee will review and pass its version (likely by February);

4. The two versions of the bill will be merged, which may take several weeks to reconcile the provisions;

5. The final merged bill will be submitted for a full Senate vote;

6. After the Senate vote, the bill will need to be reconciled with the version previously passed by the House to resolve differences. The final version will then be submitted to the President for signing into law.

The final law may not be enacted until 2027, but each step completed represents a breakthrough from 0 to 1.

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