Daily Crypto Briefs 
WASHINGTON, Feb. 12, 2026
Sen. Mark Warner said negotiators are still trying to advance the Digital Asset Market Clarity Act, as bitcoin slid about 3% to roughly $65,700 and Senate leaders weighed whether a final package can reach the 60 vote threshold needed to clear the chamber, in the latest sign the market structure fight is entering a make or break stretch.
The market structure effort, often called the CLARITY Act, would set a clearer SEC and CFTC split, define when tokens are treated like securities versus commodities, and lay down guardrails that touch DeFi and stablecoins, a mix lawmakers say is necessary for investor protection and innovation.
Market snapshot: Data showed bitcoin down about 3.2% over 24 hours near $65,700 with roughly $47.7 billion in volume, while ether traded around $1,922, down about 1.6%, as the Crypto Fear and Greed Index read 5 in Extreme Fear. The six month bitcoin chart below shows the drawdown backdrop that has made traders unusually sensitive to U.S. policy headlines.
Bitcoin (BTC) - 6-month snapshot
BTC
In written testimony for the Senate Banking Committee, SEC Chair Paul Atkins argued for durability, saying “there is no action we can take that future-proofs our rulebook more formidably than nonpartisan market structure legislation” and warning that agency rules alone can be reversed without a statute. (SEC.gov testimony)
The House passed its version of the CLARITY Act in July 2025, with the text published as an engrossed bill on GovInfo. Senate Agriculture has moved a separate CFTC focused track, the Digital Commodity Intermediaries Act of 2026, after a 12 to 11 committee vote on Jan. 29. Stablecoin rewards language and DeFi definitions remain the hardest compromise, a stop start pattern we covered in Crypto Bill Is Stalling as Banks Dig In on Stablecoin Yields.
Without a statute, compliance expectations can keep shifting between draft language, agency priorities, and enforcement actions, raising costs for firms trying to build regulated crypto products.
What is still not clear is when Senate Banking will schedule a markup, what language negotiators will settle on for stablecoin rewards and DeFi, and whether the White House can bridge the gap after the latest round of talks we tracked in White House stablecoin yield ban talks hit CLARITY Act impasse.
Warner and the Senate math behind crypto market structure
Warner’s leverage is procedural: Senate Banking is the choke point that decides whether a deal becomes bill text that can reach the floor.
- The Senate path is committee first, then a floor vote that typically needs 60 votes, which usually forces a bipartisan coalition.
- Negotiators are reconciling House definitions in H.R. 3633 with Senate guardrails for DeFi and stablecoin programs.
- Senate Agriculture has advanced its CFTC lane, but it still must be reconciled with Senate Banking text.
Quick definition: crypto market structure
Market structure is the rulebook for token issuance, venue registration, and which regulator has jurisdiction.
DeFi and stablecoin rewards keep slowing the deal
Negotiations hinge on enforcement lines for DeFi and whether stablecoin rewards programs are constrained.
- Stablecoin rewards: Banks want tighter limits, while crypto firms argue disclosure based approaches can protect consumers without banning yield, a debate we mapped in Scott Bessent Says Coinbase Is Blocking the Crypto Bill.
- DeFi guardrails: Democrats want language that avoids illicit finance loopholes, while DeFi advocates warn broad definitions can sweep in noncustodial tools.
- Politics and trust: Ethics concerns and institutional incentives can derail bipartisan deals even when policy substance is close.
Senate Agriculture advanced its market structure text on Jan. 29, adding pressure to produce a unified Senate approach. (Senate Agriculture release)
If it passes vs. if it fails: what changes for the market
The clearest dividing line is durability: legislation is hard to reverse, while agency rulemaking can shift with future commissions, keeping the industry stuck in a cycle of temporary clarity and sudden backtracking.
| Outcome | If bill passes | If bill fails |
|---|---|---|
| Regulation | Durable SEC and CFTC split and clearer registration | Patchwork rules and higher risk of reversal |
| Market impact | Lower policy uncertainty for compliant market builders | Continued uncertainty and more incentive to build offshore |
| DeFi and stablecoins | More defined oversight and compliance expectations | Higher illicit risk concerns and enforcement ambiguity |
| Investor view | Clearer guardrails for mainstream participation | Volatility tied to policy swings |
For the broader map of how the SEC, CFTC, stablecoins, and tax and disclosure rules can intersect in 2026, see US Crypto Regulation 2026: SEC, CFTC, Stablecoins, Taxes.
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Primary sources and further reading
| Source | Title |
|---|---|
| | SEC.gov: Testimony before the U.S. Senate Banking Committee (Feb. 12, 2026) |
| | GovInfo: CLARITY Act text (Engrossed in House, July 2025) |
| | GovInfo: CLARITY Act introduced text (July 2025) |
| | House Financial Services: CLARITY Act one pager (July 10, 2025) |
| | Senate Agriculture: Committee vote advancing crypto market structure text (Jan. 29, 2026) |
| | Senate Agriculture: Digital Commodity Intermediaries Act of 2026 (bill text PDF) |
Fact-checked by: Daily Crypto Briefs Fact-Check Desk
Frequently Asked Questions
What is the CLARITY Act in U.S. crypto regulation?
The Digital Asset Market Clarity Act is a proposed U.S. market structure framework that aims to define when digital assets are treated as securities or commodities and to split oversight between the SEC and CFTC.
Why does the SEC vs CFTC split matter for crypto markets?
A clearer split can reduce the risk that a token or venue is reclassified after launch, which affects listings, custody rules, disclosures, and how firms register to serve U.S. customers.
Why are DeFi and stablecoin rewards controversial in the bill talks?
Democrats have pushed for stronger guardrails to limit illicit finance risks in DeFi, while banks and crypto firms have fought over whether stablecoin rewards should be constrained like banking products or allowed under disclosure based rules.
What happens next in the Senate?
The bill still needs to move through Senate Banking and then clear the full Senate, where a 60 vote threshold typically forces a bipartisan coalition.