STABLECOIN NEWS & DATA

David Sacks confirmed on March 26 that his tenure as White House AI and crypto czar has concluded, exhausting the 130-day statutory limit that federal law imposes on special government employees. With no successor named, the CLARITY Act enters its most consequential legislative phase without its most prominent administration champion, even as market odds of passage have climbed to their highest level since the bill cleared the House. Federal statute caps special government employee service at 130 days in any 12-month period, a restriction designed to preserve the independence of advisors drawn from the private sector. Sacks, who co-founded Craft Ventures and co-hosts the All-In podcast, reached that ceiling on March 26 after a term that spanned the launch of the administration's digital assets executive order, a series of closed-door stablecoin yield negotiations, and the Senate handoff of the CLARITY Act package. "I've used up my 130 days," Sacks told Bloomberg Television, framing the departure as a structural inevitability rather than a policy disagreement. The White House confirmed it does not intend to appoint a replacement in an operational capacity. Instead, Sacks transitions to co-chair of the President's Council of Advisors on Science and Technology, known as PCAST, alongside Michael Kratsios, the administration's chief technology officer. The advisory panel launched with 13 initial members, including venture capitalists Marc Andreessen and Fred Ehrsam, both vocal CLARITY Act supporters. PCAST carries no operational mandate and cannot direct agency rulemaking, a distinction market participants and legislative trackers noted immediately. Patrick Witt remains as Executive Director of the White House Crypto Council, preserving an institutional touchpoint for the crypto industry inside the executive branch, though Witt's role is coordinative rather than policy-setting. The CLARITY Act passed the House in July 2025 by a 294-134 margin, a bipartisan result that reflected months of negotiation over which assets qualify as commodities versus securities. The Senate Agriculture Committee cleared the bill in January 2026. The next milestone is a Senate Banking Committee markup, targeted for late April 2026. From there, the bill requires a floor vote clearing the 60-vote cloture threshold, a reconciliation process with the House, and presidential signature, all ideally concluded before May and June, when midterm-cycle political dynamics historically compress the legislative calendar. Market pricing has moved meaningfully on the bill's prospects. Polymarket assigns a 72% probability to the CLARITY Act being signed into law in 2026, up from 60% the prior week. Ripple CEO Brad Garlinghouse separately estimated odds at 80 to 90 percent by late April, citing the pace of Senate committee scheduling and the administration's continued stated support. The single most contested provision in the CLARITY Act is the proposed ban on stablecoin issuers paying yield to holders, a restriction demanded by traditional banking interests who argue that yield-bearing stablecoins would disintermediate bank deposits at scale. The American Bankers Association spent $56.7 million lobbying against the yield provisions, a figure that illustrates the scale of institutional opposition. The banking sector's concern is grounded in projections from Standard Chartered, which estimated that if stablecoins are permitted to offer yield, they could redirect $500 billion in deposits away from traditional banks by 2028. The market reaction to the yield ban news was immediate. Circle, the issuer of the USDC stablecoin and a company whose business model depends in part on holding the reserve assets underlying its token, lost $5.6 billion in market capitalization in a single trading session when the yield restriction appeared likely to be included in the final Senate draft . Sacks hosted multiple closed-door sessions before his term expired, working toward a compromise that would allow yield in limited circumstances. The framework he reportedly brokered stops short of a full yield permission but creates a pathway for regulated issuers to distribute returns under specific conditions. Sacks posted publicly that "no bill is better than a bad bill was a losing position," a pointed rebuke aimed at the largest U.S. cryptocurrency exchange, which had signaled willingness to stall legislation rather than accept a yield ban. The Senate Banking Committee markup in late April will be the first concrete test of whether the yield compromise holds. Senators from agricultural states have generally been supportive, given the Agriculture Committee's earlier passage, but the Banking Committee draws heavier representation from states with large financial sectors, where ABA influence is more directly felt. The PCAST transition does preserve some access for crypto-aligned voices. Andreessen and Ehrsam, sitting alongside Kratsios and Sacks in an advisory capacity, can formally transmit recommendations to the executive branch, though without the enforcement authority Sacks held as czar . For the CLARITY Act's five-step sprint, the departure of Sacks removes an advocate who could directly pressure executive agencies and coordinate with Senate staff. What replaces that function is a combination of Witt's council role, PCAST's advisory channel, and the lobbying operations of the Digital Chamber of Commerce and individual issuers, none of which carry equivalent institutional weight inside the West Wing. The legislative clock is the most concrete constraint. If the Senate Banking Committee markup slips past late April, floor scheduling in May becomes contested against appropriations deadlines and recess schedules. June marks the effective start of midterm-driven political calculus. Sacks, speaking before his term formally ended, acknowledged the window: the industry has roughly three months to convert a House supermajority into a presidential signature. Fintech Weekly, "White House Crypto Czar Departs as CLARITY Act Enters Senate Stretch Run," March 27, 2026. https://www.fintechweekly.com/news/white-house-crypto-czar-clarity-act-2026 Fintech Weekly, "Banks Winning the Stablecoin Yield Fight as CLARITY Act Senate Vote Nears," March 25, 2026. https://www.fintechweekly.com/news/clarity-act-banks-winning-stablecoin-yield-2026 Purpose Invest, "The CLARITY Act's Stablecoin Compromise: A Short-Term Concession for a Long-Term Win," March 26, 2026. https://www.purposeinvest.com/thoughtful/the-clarity-acts-stablecoin-compromise-a-short-term-concession-for-a-long-term-win DeFi Rate, "CLARITY Act Fact Sheet" (live). https://defirate.com/clarity-act-fact-sheet/