WisdomTree Exec Says Clarity Act Not Essential for Crypto Innovation as Senate Markup Nears

WisdomTree’s head of digital assets, Will Peck, stated on April 1, 2026 that pending US crypto legislation including the proposed Clarity Act is not a prerequisite for the asset manager’s digital-asset innovation and expansion plans, arguing that existing SEC tools are sufficient to support tokenized securities and funds.

The comments come as Senate Banking targets the second half of April for a markup of the Digital Asset Market Clarity Act, with the bill’s passage window compressing ahead of the May deadline after which serious digital asset legislation could be pushed beyond the 2026 midterm cycle.

WisdomTree Pursues Tokenization Using Existing SEC Framework

Peck stated that he does not believe the Clarity Act would inhibit anything the firm is trying to do, emphasizing that WisdomTree does not view the legislation as a gatekeeper. He argued that the SEC already has all the tools necessary to foster good tokenized security markets and good tokenized fund markets.

WisdomTree has been building in crypto and tokenization for years, offering a spot Bitcoin exchange-traded fund in the US and a broader suite of crypto exchange-traded products in Europe. The firm operates one of the larger tokenized money market funds, a product category that has grown as investors seek yield on-chain, with Peck stating the fund has already found good product market fit.

The company secured SEC relief allowing the fund to trade continuously, enabling instant settlement where institutional investors can move between US dollars, stablecoins such as USDC, and the fund itself at any time rather than waiting for end-of-day processing. Peck described this as the “holy grail” of instant settlement now happening with the product.

WisdomTree’s broader goal is to bring more regulated investment products on-chain, expanding beyond money market funds into other tokenized instruments including exchange-traded funds and yield-generating products. The firm aims to allow investors to access familiar assets directly from digital wallets without relying on traditional brokerage accounts.

Clarity Act Senate Markup Targeted for April amid Stablecoin Yield Compromise

Senate Banking is targeting the second half of April for a markup of the Digital Asset Market Clarity Act, with Easter recess running through April 13. Senator Cynthia Lummis publicly confirmed the timetable, and Senator Bernie Moreno stated that missing the Senate floor by May could push serious digital asset legislation beyond the 2026 midterm cycle.

The stablecoin yield dispute that canceled the January markup now has a resolution in principle. Senators Thom Tillis and Angela Alsobrooks reached a deal that Lummis described as 99% resolved, with a framework that would bar passive yield on held stablecoins while allowing activity-based rewards tied to payments, transfers, wallet use, and similar functions. Alsobrooks described the compromise as leaving both sides “just a little bit unhappy.”

The House passed CLARITY 294-134 in July 2025, and the GENIUS Act became law in the same month. The White House established the Strategic Bitcoin Reserve by executive order in March 2025. The SEC and CFTC jointly clarified the treatment of crypto on March 17, 2026, reinforcing the commodity-securities sorting logic behind CLARITY.

Stablecoin Yield Restrictions Reshape Market Dynamics in Favor of Bitcoin

The stablecoin architecture taking shape under the GENIUS Act requires 100% reserve backing, monthly disclosures, and marketing rules that bar misleading claims about government backing, insurance, or legal-tender status. Section 404 of the Senate CLARITY draft bars digital asset service providers from paying interest or yield solely for holding a payment stablecoin and blocks marketing that frames stablecoin compensation as deposit-like, FDIC-insured, or risk-free.

Activity-based rewards tied to transactions and platform participation remain on the table, but the familiar pitch of holding a dollar-pegged token and collecting yield sits outside what either law authorizes. The framework channels stablecoins toward regulated payments plumbing while leaving Bitcoin’s value proposition through scarcity and commodity demand intact.

The market has already priced this asymmetry. Circle experienced a 20% selloff when stablecoin reward-restriction language surfaced. Coinbase’s stablecoin revenue reached $364.1 million in the quarter ended December 31, 2025, while Circle’s reserve-income-linked business drove the bulk of its results. Traders treated the compensation limits as a direct hit to those business models.

CLARITY Passage Would Formalize Bitcoin’s Commodity Status

CLARITY would draw a bright line between digital asset securities and digital asset commodities, replace regulation-by-enforcement with a rule-based regime, and give the CFTC authority over spot markets for non-security digital assets. Bitcoin already occupies the commodity lane in market convention, court rulings, and political symbolism. CLARITY would give that position statutory backing and deepen the Strategic Bitcoin Reserve’s policy weight.

JPMorgan analysts called CLARITY passage by midyear a positive catalyst for digital assets, citing regulatory clarity and institutional scaling. Polymarket placed 2026 signing odds at 72%. CoinGecko data shows Bitcoin accounting for approximately 56% of total crypto market capitalization, with stablecoins at approximately 13%.

If CLARITY passes, institutions would have a cleaner rationale for Bitcoin exposure, custody, and product approval. The bill would formalize a US hierarchy: stablecoins for payments, Bitcoin for investable exposure, and other crypto deeper in the compliance funnel. In the bear case, Bitcoin still outperforms on a relative basis while stablecoin-linked equities remain under pressure from compensation limits that cut into business models built around yield sharing.

FAQ

What is WisdomTree’s position on the Clarity Act?

WisdomTree’s head of digital assets, Will Peck, stated that the firm does not view the Clarity Act as a gatekeeper for innovation, arguing that existing SEC tools are sufficient to support tokenized security and fund markets. The company continues to build tokenized products including money market funds using current regulatory pathways.

What is the status of the Clarity Act in the Senate?

Senate Banking is targeting the second half of April for a markup of the Digital Asset Market Clarity Act. Senators have reached a compromise on stablecoin yield provisions that would bar passive yield on held stablecoins while allowing activity-based rewards tied to payments and transactions. Missing the Senate floor by May could push the legislation beyond the 2026 midterm cycle.

How would CLARITY affect stablecoins and Bitcoin differently?

CLARITY and the GENIUS Act would channel stablecoins toward regulated payments plumbing by barring passive yield on held tokens while allowing transaction-based rewards. Bitcoin would gain statutory backing as a commodity, strengthening its position as the investable risk asset in US crypto markets. The framework formalizes a hierarchy where stablecoins serve payments infrastructure and Bitcoin serves as the primary investable exposure.