Senate Banking Committee Moves Crypto Clarity Bill to May 14 Markup

The Senate Banking Committee has scheduled a markup of the Digital Asset Market Clarity Act for May 14, resolving a key dispute over stablecoins and moving a major crypto regulation bill forward.

The CLARITY Act establishes which digital assets are securities under the SEC and which are commodities under the CFTC. A compromise between Senators Thom Tillis and Angela Alsobrooks on allowing stablecoins to offer yield removed the biggest obstacle to committee consideration.

A separate dispute remains: Democratic senators want ethics provisions targeting federal officials' crypto involvement, while Republicans resist, calling it a poison pill. How that debate resolves before May 14 will signal the bill's bipartisan viability for a Senate floor vote.

To become law this Congress, the bill must clear the full Senate before August.