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The Clear Act could hand crypto control to Wall Street

Investor and hedge fund manager Mark Yusko warns that the proposed Clear Act could strengthen the position of major financial institutions in the crypto market, rather than support decentralization. The U.S. Senate Banking Committee has scheduled a review of the bill for May 14—marking the first committee-level vote on the U.S. crypto market structure bill. The bill gained momentum after a compromise on stablecoin yield, helping it move past months of procedural delays. Prediction market Polymarket shows traders believe there is a 75% chance the bill becomes law in 2026, up 10 percentage points from previous levels. Yusko criticized the bill for potentially creating a “walled garden” controlled by major banks and limiting participation by smaller market players. Despite rising optimism, multiple major issues remain unresolved before the review, as banking groups continue pushing for last-minute language changes.