The Senate Banking Committee will mark up the CLARITY Act on Thursday. Chair Tim Scott confirmed the date on Friday. The crypto industry has been waiting months for this.
The bill was introduced in July 2025. It stalled in January after Coinbase withdrew support, citing lack of protections for open-source developers, a ban on stablecoin yield, and unclear DeFi rules. Those issues appear to have been addressed enough for the exchange to back the markup.
CLARITY Act gets its date
Coinbase chief policy officer Faryar Shirzad called the markup date a “big step forward”. He said the legislation is essential for protecting consumers, supporting innovation, and keeping crypto development onshore rather than offshore.
Uncertainty around crypto regulation under the Biden administration, with Gary Gensler running the SEC, was linked to reports of firms relocating to more crypto-friendly jurisdictions. Industry participants argued it was harming US innovation. The CLARITY Act aims to provide the regulatory clarity the sector has been asking for.
| Event | Date | Status |
|---|---|---|
| CLARITY Act introduced | July 2025 | Complete |
| Coinbase withdraws support | January 2026 | Complete |
| Markup announced | May 2026 | Set |
| Banking Committee vote | Thursday | Scheduled |
The path through the Senate
Kara Calvert, vice president of US policy at Coinbase, told attendees at the Consensus 2026 conference earlier this week that she expected a markup next week. She said the bill needs at least 60 votes to pass in the Senate. That means bipartisan support is required.
Senator Cynthia Lummis, a pro-crypto advocate, backed the move. She called for the Banking Committee to pass the CLARITY Act on Thursday.
Paul Grewel, Coinbase chief legal officer, said it was “on like Donkey Kong” in a post following the announcement. The exchange has been one of the loudest voices calling for clearer rules. Its January withdrawal was a blow to the bill’s momentum. Getting Coinbase back onside was a precondition for moving forward.
What the CLARITY Act does
The legislation is designed to draw clearer lines between securities regulation and commodities regulation in crypto. It addresses questions around which assets fall under the SEC and which fall under the CFTC. It also sets out a framework for DeFi protocols and addresses stablecoin issuance.
The bill’s progress has been closely watched. Passing the Banking Committee is the first formal gate. After that, it goes to the Senate floor. If it clears the Senate, it moves to the House. The timeline from here depends on how much resistance it meets and whether amendments get tacked on.
The read
This is the first real sign that crypto regulation is moving through the legislative process rather than being litigated case-by-case at the SEC. The Gensler era at the SEC was defined by enforcement actions rather than rulemaking. The CLARITY Act is an attempt to create a statutory framework that removes some of that discretion.
Whether it gets the 60 votes Calvert mentioned is the next question. Bipartisan support exists in principle. Whether it holds under scrutiny is less certain. Thursday’s markup will show how much appetite there is for pushing this through.
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