Senate Banking Committee Chairman Tim Scott has indicated that his panel is approaching a consensus and is aiming to hold a markup session for the CLARITY Act next month. This marks the most definitive timeline provided by the committee leader regarding the legislation, which has already missed two scheduled markup opportunities earlier in 2026.
The announcement sparked immediate reactions from the cryptocurrency industry. Brian Armstrong, CEO of Coinbase, responded on social media with a brief call to action, while Circle urged the committee to proceed without any further postponements. Over 120 crypto-related organizations have already united in a joint letter, pressing for immediate progress on the bill.
The CLARITY Act successfully passed the House with a 294-134 vote in July 2025 and was subsequently approved by the Senate Agriculture Committee in January 2026. However, it must still undergo a Banking Committee markup, secure a 60-vote threshold in the Senate, be reconciled with both the Agriculture Committee version and the House version, and ultimately be signed by the president to become law.
The congressional schedule adds urgency, as lawmakers are set to recess for Memorial Day on May 21, leaving less than four working weeks. Senators Cynthia Lummis and Bernie Moreno have cautioned that missing this window could postpone the next viable opportunity until 2030. The Banking Committee is reportedly targeting the week of May 11 for the markup, though Chairman Scott is still working to address concerns raised by Senator John Kennedy before proceeding.