CLARITY Act sees ‘big step forward’ as markup set for May 14 – Crypto News – Crypto News
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CLARITY Act sees ‘big step forward’ as markup set for May 14 – Crypto News

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The US CLARITY Act, which aims to provide the US crypto industry with greater regulatory clarity, is set to be voted on by the Senate Banking Committee on Thursday.

On Friday, Senate Banking Committee chair Tim Scott confirmed the legislation will go to a vote on Thursday, triggering a strong reaction across the crypto industry, which has been waiting months for a new markup date.

The bill, introduced in July 2025, was expected to progress earlier this year, but stalled in January after Coinbase withdrew its support for the legislation, citing several concerns, including a lack of legal protections for open source software developers, a prohibition on stablecoin yield, and decentralized finance (DeFi) regulations. 

CLARITY Act is “on like Donkey Kong”: Coinbase exec

“It’s on like Donkey Kong,” Coinbase chief legal officer Paul Grewel said in an X post on Friday, following the announcement. Meanwhile, Coinbase chief policy officer Faryar Shirzad said in an X post that it was a “big step forward” and the legislation is essential “for protecting consumers, supporting innovation, and ensuring this technology develops in the United States rather than offshore.”

Source: Faryar Shirzad

Uncertainty around crypto regulation during the Joe Biden administration, with crypto skeptic Gary Gensler leading the US Securities and Exchange Commission (SEC), was linked to reports of crypto firms relocating offshore to more crypto-friendly jurisdictions. Industry participants argued it was harming innovation in the US.

US Senator and pro-crypto advocate Cynthia Lummis said in an X post, “Let’s pass the Clarity Act out of the Banking Committee on Thursday!”

Industry execs had predicted the markup would take place

It comes just days after Kara Calvert, the vice president of US policy at crypto exchange Coinbase, told attendees at the Consensus 2026 conference that she expected “a markup next week.”

Related: ‘Visible flaws’ in Bitcoiners’ mid-bear market forecast: Analyst

Calvert said that the bill needs at least 60 votes to pass in the Senate and that the CLARITY bill needs bipartisan support to become law.

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