The Senate Banking Committee has officially scheduled May 14 for its markup session on the Digital Asset Market Clarity Act of 2025, commonly referred to as the Clarity Act. The proceedings are set to commence at 10:30 a.m.
Big step forward.
Appreciate @SenatorTimScott and the Senate Banking Committee moving toward markup of the CLARITY Act on May 14.
Clear market structure rules are essential for protecting consumers, supporting innovation, and ensuring this technology develops in the United… pic.twitter.com/ngqCOZmJZi
— Faryar Shirzad
(@faryarshirzad) May 8, 2026
This represents a critical milestone in the legislative journey of the bill. During a markup session, committee members examine, debate, and cast votes on proposed legislation prior to advancing it to the complete Senate chamber.
The legislation has experienced significant turbulence over recent months. Back in January, Coinbase CEO Brian Armstrong publicly announced the cryptocurrency exchange was withdrawing its endorsement. Armstrong cited multiple issues, including insufficient legal safeguards for developers working on open source software, prohibitions on stablecoin yield generation, and problematic decentralized finance regulations.
This withdrawal effectively brought the bill’s momentum to a standstill for several months.
Last week marked a turning point when Senators Thom Tillis and Angela Alsobrooks unveiled compromise language designed to resolve the stablecoin yield controversy. Under the proposed compromise framework, cryptocurrency platforms would be prohibited from paying yield on passive stablecoin reserves, while permitting rewards when stablecoins participate in active financial transactions.
Coinbase’s response to this development was enthusiastic. Paul Grewal, the company’s chief legal officer, shared on X: “It’s on like Donkey Kong.” Meanwhile, Faryar Shirzad, chief policy officer, characterized it as a “big step forward” and emphasized the bill’s critical importance for consumer protection and maintaining America’s leadership in crypto innovation.
Senator Cynthia Lummis, recognized as a prominent cryptocurrency advocate in the Senate, also expressed support, declaring on X: “Let’s pass the Clarity Act out of the Banking Committee on Thursday!”
Universal support remains elusive. A joint letter from multiple banking industry associations — including the American Bankers Association, the Bank Policy Institute, and the Independent Community Bankers of America — stated that “additional work is needed” on the bill’s wording. These organizations submitted detailed recommendations for modifying the compromise language unveiled last week.
Neverthstanding these reservations, the fact that a markup has been scheduled indicates Senate leadership is prepared to proceed with the legislation in its present form.
Senator Kirsten Gillibrand, who has historically championed the cryptocurrency sector, has introduced an additional consideration. She is advocating for language in the bill that would prohibit senior government officials from financially benefiting from the crypto industry while simultaneously holding regulatory authority over it.
Polling data commissioned by CoinDesk revealed that 73% of registered US voters favor such restrictions.
Nevertheless, this ethics provision may be absent from the Senate Banking Committee’s iteration of the legislation. Following the Banking Committee’s markup process, the Senate must reconcile its version with the text produced by the Senate Agriculture Committee before the complete Senate body can hold a final vote.
Kara Calvert, Coinbase’s vice president of US policy, had forecast the markup timing during remarks at the Consensus 2026 conference just days prior. She additionally observed that the bill will require a minimum of 60 votes and bipartisan cooperation to secure passage.
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