TLDR
- The Senate Banking Committee scheduled May 14 for the markup of the CLARITY Act.
- Lawmakers will debate amendments before voting on whether to advance the bill to the Senate floor.
- The House previously passed the CLARITY Act with a 294–134 bipartisan vote.
- The bill would define regulatory boundaries between the SEC and the CFTC.
- The Senate version expands the legislation to nine titles, including stablecoin oversight and bankruptcy protections.
The Senate Banking Committee will meet May 14 to mark up the Digital Asset Market Clarity Act. Lawmakers will debate amendments and decide whether to send the measure to the Senate floor. However, bank lobbyists and some Democrats now threaten to block the bill before it advances.
CLARITY Act Faces Senate Test After House Approval
The committee will hold the executive session at 10:30 a.m. in Room 538 of the Dirksen Senate Office Building. Chairman Tim Scott confirmed the schedule last week and opened the meeting to public livestream. Lawmakers will consider amendments before voting on whether to advance the bill.
The House passed H.R. 3633 on July 17, 2025, with a 294–134 bipartisan vote. All 216 Republicans supported the measure, while 78 Democrats joined them. Since then, the Senate delayed two markup sessions and extended talks over stablecoin oversight.
The CLARITY Act would define regulatory boundaries between the SEC and the CFTC. The bill grants the CFTC authority over spot markets for digital commodities. Meanwhile, the SEC would retain control over investment contract assets and primary offerings.
Senators expanded the Senate draft to nine titles covering decentralized finance safeguards and illicit finance rules. The text also includes bankruptcy protections for crypto customers and the Blockchain Regulatory Certainty Act. That provision would provide safe harbors for blockchain software developers.
Banking Lobby and Democratic Ethics Dispute Intensify
Major banks have increased lobbying efforts in recent weeks as the vote approaches. At the same time, Democrats demand ethics rules covering crypto holdings by public officials. Republicans argue that such provisions could derail the measure entirely.
Senators Cynthia Lummis and Bernie Moreno warned about tight legislative deadlines. They said failure to clear committee before the May 21 Memorial Day recess could delay action until 2030. The White House has set July 4 as its target for presidential approval.
SEC Chair Paul Atkins urged Congress on April 9 to advance the bill. He said both agencies stand ready to implement the framework once enacted. Atkins referenced “Project Crypto” as an internal readiness initiative.
Treasury Secretary Scott Bessent framed the legislation as a national security issue in a Wall Street Journal op-ed. He warned that regulatory gaps push blockchain firms toward Singapore and Abu Dhabi. White House crypto adviser Patrick Witt said negotiations over stablecoin yield have concluded.
Senator Lummis reiterated support after the Easter recess and wrote “Clarity” on X.
Speaking at the Bitcoin Conference, she stated, “We are gonna markup the CLARITY Act in May.” She added, “We are gonna get it to the finish line.”
Chairman Scott previously targeted September 2025 for a floor vote. He later moved the timeline to late 2025 and then to June or July 2026. The May 14 markup now represents the Senate’s first formal committee vote on the bill.
