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Senate Banking Committee May Review CLARITY Bill as Early as Tomorrow

The Senate Banking Committee could notice CLARITY bill review as early as tomorrow, with a vote expected next Thursday, while negotiators resolved a yield-related dispute and draft text may still be revised.

Fact Check
All three core claims are strongly corroborated by multiple independent, credible sources. (1) Bank trade group opposition to stablecoin reward language is confirmed by CryptoSlate ('Banking lobby attempts to kill Clarity Act's stablecoin progress'), The Block, CoinDesk, and Galaxy Research, all documenting the ongoing fight over whether activity-based stablecoin rewards should be permitted. (2) Paul Grewal's prediction that the CLARITY Act will pass this summer is directly sourced from The Block's reporting, which quotes him endorsing the Tillis-Alsobrooks compromise and urging banks to accept the deal. (3) Senator Bernie Moreno's role in pushing for a May committee markup and summer passage is confirmed by Galaxy Research, Disruption Banking, CNBC, and The Block, all citing his April 22, 2026 ultimatum that the bill must clear the Senate by end of May or digital asset legislation may not pass for the foreseeable future. CryptoSlate further confirms that a markup was scheduled for the week of approximately May 12, 2026. The claim accurately and faithfully summarizes the legislative dynamics as of early May 2026.
Summary

The CLARITY Act is moving closer to Senate Banking Committee action, with reporting indicating a review notice could come as early as tomorrow and a committee vote is expected next Thursday. Draft text has been circulated to some industry participants, though revisions may still be made to reflect priorities from Democratic offices. The bill’s momentum improved after negotiators resolved a key dispute over yield tied to stablecoin rewards, with Senator Angela Alsobrooks saying the issue had been resolved and that the legislation could pass. Coinbase policy executive Kara Calvert said the measure would still need at least 60 Senate votes with bipartisan support, while 1099-DA tax reporting rules remain a major obstacle to institutional crypto adoption. Earlier reporting described the bill as establishing clearer regulatory boundaries between the SEC and CFTC and setting rules for exchanges, custodians, DeFi participants, validators, node operators, and other digital asset activity.

Terms & Concepts
  • CLARITY Act: A proposed U.S. digital asset market structure bill intended to define regulatory oversight for crypto markets, including jurisdictional boundaries, trading rules, and operating standards for market participants.
  • 1099-DA: A U.S. tax reporting form and related reporting regime for digital asset transactions that industry participants have cited as a barrier to institutional crypto adoption.
  • Yield: In crypto, income or returns earned from holding or deploying digital assets, often through lending, staking, or similar reward mechanisms.