The Senate Banking Committee will vote on the CLARITY Act on Thursday. Chair Tim Scott confirmed the date Friday. The crypto industry has been waiting months for this.
What’s in the CLARITY Act
The legislation aims to give US crypto firms regulatory clarity. It was introduced in July last year. The bill stalled in January after Coinbase withdrew support, citing concerns over protections for open source developers, stablecoin yield restrictions, and DeFi rules. Those issues appear to have been addressed enough for the exchange to back the markup now.
| Event | Date | Status |
|---|---|---|
| Bill introduced | July 2025 | Passed |
| Coinbase withdrawal | January 2026 | Support pulled |
| Senate Banking markup | May 14, 2026 | Scheduled |
CLARITY Act markup set for May 14: industry reaction
Coinbase chief legal officer Paul Grewel called it “on like Donkey Kong” in a post on X. Chief policy officer Faryar Shirzad said the CLARITY Act markup set for May 14 represents a big step forward for protecting consumers and keeping development onshore rather than offshore. Senator Cynthia Lummis, a vocal crypto advocate, pushed for the bill to clear committee Thursday.
The backdrop is the prior administration’s approach. Gary Gensler ran the Securities and Exchange Commission under President Biden. His tenure was marked by enforcement actions and limited guidance. Several firms cited regulatory uncertainty as a reason to explore jurisdictions outside the US. The CLARITY Act is pitched as a fix for that.
The path forward
Kara Calvert, Coinbase’s vice president of US policy, told the Consensus conference earlier this week that she expected a markup. She noted the bill needs at least 60 votes to pass the full Senate, meaning bipartisan support is required. The CLARITY Act markup set for May 14 is the first gate. Committee passage does not guarantee floor passage, but it moves the bill onto the calendar.
The Senate Banking Committee has 24 members. If the vote splits along party lines, the bill dies. If it clears with crossover votes, the prospects improve for reaching 60 on the floor. The crypto lobby has been working both sides. Whether that translates into votes Thursday is the question.
What this signals
The CLARITY Act markup set for May 14 confirms that crypto regulation is no longer being handled through enforcement alone. The legislative route is slow. This bill has been in the system for ten months. But it is moving. If it passes committee, the timeline to a floor vote depends on the Senate calendar and whether leadership prioritises it. The industry has been vocal about wanting rules rather than case-by-case actions. This is the test of whether Congress agrees.
The stablecoin yield ban and DeFi provisions remain contentious. Those were the sticking points in January. How much has been revised is not public yet. The markup session Thursday should clarify what the current text looks like and where the remaining friction is. If the CLARITY Act clears committee, expect the debate to shift to whether the bill can hold 60 votes without further amendment.
Next gate: Thursday’s vote. Then the Senate floor, if it gets there.
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