The U.S. Securities and Exchange Commission has scheduled a roundtable for May to discuss the CLARITY Act, bringing together officials from the SEC and the Commodity Futures Trading Commission alongside crypto industry representatives. The debate will focus on jurisdictional questions over digital asset market structure — one of the final regulatory steps before the Senate Banking Committee is expected to markup the bill the week of May 11.
SEC-CFTC Taxonomy Names 16 Digital Assets as Commodities
The roundtable follows a joint taxonomy released by the two agencies on March 17, which classified 16 digital assets as commodities and laid the groundwork for the CLARITY Act to codify those definitions into permanent federal law. CoinGape reported that the SEC plans to host the roundtable in May, while the Senate Banking Committee simultaneously targets a markup in the week of May 11 — the first legislative action since Congress returned from recess. An earlier April deadline was missed because the Warsh confirmation hearing consumed the Banking Committee's calendar, leaving only eight working days before the May 21 Memorial Day recess.
Senate Vote Count: Still Short of 13 Republicans
Senator Tim Scott said on Fox Business that he now has Senator Thom Tillis and additional Republicans on board, aiming for all 13 Republican votes. However, Senator John Kennedy remains a holdout. Senator Cynthia Lummis warned at the Bitcoin 2026 Conference that the current political alignment for the CLARITY Act is rare and fragile; failure before May 21 could push the next opportunity to 2030. This framing makes the SEC roundtable not just an information-gathering exercise but a public signal from the regulator that it is ready to implement the legislation — a condition Senate Republicans cite before moving forward.
DeFi Developer Liability Provision Draws Law Enforcement Opposition
On May 1, Senator Tillis raised a new hurdle: law enforcement groups oppose a DeFi provision in the bill that would shield developers from liability for user illicit activities on their platforms. Tillis said lawmakers must address these concerns before a markup can proceed. The complication was not publicly flagged until this week. With limited working days before the recess, the Banking Committee must navigate conflicting positions, leaving the CLARITY Act's path uncertain.