The CLARITY Act is picking up speed in Washington. Multiple sources said the Senate Banking Committee is preparing to vote on the crypto market structure bill as early as May 14, and draft legislative text has already been circulated to selected industry participants.
Committee Chairman Tim Scott is working toward finishing markup before May 21, when the Memorial Day recess begins. The White House is reportedly targeting July 4 for the President’s signature, aligning the deadline with the 250th anniversary of the United States.
House cleared the bill, Senate delays centered on stablecoin yield
The bill passed the full House in July 2025 with bipartisan support, clearing the chamber by 294 to 134. It then sat in the Senate for months, with the main disagreement focused on whether stablecoins should be allowed to offer yield-like returns.
A compromise emerged on May 1 when Senators Thom Tillis and Angela Alsobrooks reached a bipartisan deal. Under that arrangement, passive yield on stablecoins would be banned, meaning users would not earn interest-like returns simply by holding USDC or USDT. Rewards tied to actual activity, including transactions, trading volume, or platform usage, would still be permitted.
Bill aims to define SEC and CFTC authority over digital assets
The proposal is designed to address the long-running regulatory uncertainty around crypto in the US. It would draw a clearer line between the jurisdiction of the SEC and the CFTC over digital assets, while also setting a more formal framework for exchanges and institutional participants.
The bill also points away from regulation by enforcement and toward a written rule set. That shift has been one of the most closely watched parts of the legislation, though the final language will depend on the Senate text and any reconciliation with the House version.
Committee approval would be only one step in the process
A committee vote would not send the bill straight to the President. If the Senate Banking Committee advances it, the full Senate must still pass its version. After that, lawmakers would need to reconcile differences between the Senate and House texts before the measure could reach the President’s desk.
There is still caution around the reported timeline. Some users on social media said they want to see the markup listed on the official Senate calendar before treating May 14 as confirmed. People close to the process described the mood as positive, but said several bracketed sections of the draft are still being finalized, with Democratic offices requesting additional edits ahead of the vote.