U.S. Senate Banking Committee Sets May 14 Review for CLARITY Act

Highlights:

• The Senate Banking Committee will review the CLARITY Act on May 14 after months of delays.
• The bill aims to create clearer U.S. rules for crypto firms, exchanges, and investors.
• A compromise on stablecoin yield helped revive talks, but the bill still faces additional Senate steps.

The U.S. Senate Banking Committee has scheduled an executive session for May 14 to review H.R. 3633, the Digital Asset Market Clarity Act of 2025. The meeting will start at 10:30 a.m. at the Dirksen Senate Office Building in Washington, D.C., according to the committee’s official notice released on Friday. The bill is also called the CLARITY Act. It is one of the most important crypto bills in Congress because it aims to create clearer rules for the U.S. digital asset market.

Advertisement

The CLARITY Act already passed the U.S. House of Representatives on July 1 last year, with a bipartisan vote of 294 to 134. Now, the Senate Banking Committee’s May 14 session will be the next key step for the bill. The move comes after months of delays and talks in the Senate. If the committee advances the bill, it could bring the United States closer to a complete federal rulebook for crypto.

CLARITY Act Aims to Create a Clear Crypto Rulebook

At its core, the CLARITY Act aims to bring clear legal rules to the U.S. crypto industry. For years, many crypto companies have said they do not know which regulator has authority over their products. The bill seeks to address that problem by clarifying the roles of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).

The bill also moves away from regulation, mainly through enforcement actions. Instead, it would create a proper legal framework for digital assets. It would also set disclosure rules for crypto projects that want to raise money. These rules are meant to protect investors and reduce the risk of market manipulation.

The legislation also includes limits on the Federal Reserve. It would stop the Fed from offering certain products or services directly to individuals. It would also block the use of a central bank digital currency for monetary policy purposes. Overall, the bill aims to create a real rulebook for the crypto market. It covers exchanges, brokers, and digital commodity dealers. It also includes rules linked to national security, such as anti-money laundering checks and sanctions compliance.

Stablecoin Yield Deal Clears Path for Senate Crypto Bill Review

The Senate Banking Committee did not reach this stage easily. The panel delayed its January 2026 markup after lawmakers filed more than 100 amendments. Chairman Tim Scott paused the vote instead of moving ahead without enough support.

Stablecoin rewards became the biggest issue in the talks. Lawmakers debated whether users should earn yield only for holding dollar-backed stablecoins like USDC or USDT. On May 1, Senators Thom Tillis and Angela Alsobrooks reached a compromise. The deal bans passive yield but still allows rewards linked to real activity, such as payments or platform use.

The final rewards text in the CLARITY Act is now public.

We’ve been clear throughout this process: much of this debate was based on imagined risks, not real evidence, nor was it based on a real understanding of how crypto actually works.

Nevertheless, the crypto industry showed… https://t.co/XoQ7Zp1Y39

— Faryar Shirzad 🛡️ (@faryarshirzad) May 1, 2026

Scott said the bill aims to make America the “crypto capital of the world.” He said clear rules would help entrepreneurs build companies, create jobs, and grow in the U.S. He also said stronger rules would make it harder for criminals and foreign actors to misuse crypto technology.

What Comes After the Committee Vote

The May 14 committee vote is an important step, but it is not the final stage. The Senate Banking Committee’s bill still needs to be merged with the Senate Agriculture Committee’s version. After that, the bill would need to move to the full Senate for a vote. If the Senate passes the bill, lawmakers would still need to reconcile it with the House version. Only then could a final version move closer to becoming law.

Senate rules usually require 60 votes to overcome a filibuster. That means Republicans would likely need support from several Democratic senators for the bill to advance. A strong bipartisan vote in the committee could show whether the CLARITY Act has enough support to move forward this year. The crypto industry is watching the process closely. 

Senator Cynthia Lummis also urged lawmakers to move the bill forward. In a May 9 post on X, Lummis said, “Let’s pass the Clarity Act out of the Banking Committee on Thursday!” Her statement adds political weight to the upcoming session because she is one of the strongest crypto supporters in the Senate and chairs the Senate Banking Subcommittee on Digital Assets.

Let's pass the Clarity Act out of the Banking Committee on Thursday!

— Senator Cynthia Lummis (@SenLummis) May 9, 2026

Advertisement