The U.S. Senate Banking Committee is gearing up for a formal vote on the CLARITY Act, potentially as soon as next week, according to a top Coinbase executive speaking at Consensus 2026 in Miami. Kara Calvert, Vice President for U.S. Policy at Coinbase, disclosed that the markup is anticipated around May 11, with draft text already shared with key industry players. This development marks a significant step for the legislation, which aims to define the regulatory boundaries between the Securities and Exchange Commission and the Commodity Futures Trading Commission.
Calvert emphasized during her panel that the bill would require at least 60 votes in the full Senate to pass, underscoring the necessity of bipartisan collaboration. She stated that Democrats are essential to the process and that efforts are focused on maintaining cross-party support. The bill cleared the House with a 294-134 vote in July 2025 but has faced hurdles in the Senate due to disagreements over stablecoin yields and the role of banks in crypto markets.
A recent compromise, brokered by Senators Thom Tillis and Angela Alsobrooks, addresses stablecoin yield by prohibiting crypto firms from paying interest equivalent to bank deposits while allowing activity-based rewards. This compromise has boosted momentum, with Coinbase CEO Brian Armstrong posting on social media to mark up the bill and Ripple CEO Brad Garlinghouse calling the past week a positive shift for the legislation.
Political pressure continues to build as some Senate Democrats consider withholding support unless an ethics provision is included to bar lawmakers from trading tokens. Additionally, Senator John Kennedy has held back Republican support, leaving Chair Tim Scott to secure necessary votes. A HarrisX survey cited by Calvert reveals that 70% of voters believe the U.S. should have already enacted federal crypto laws, and 62% view it as important for the country to set global digital finance standards. Prediction markets estimate a 55% chance the bill becomes law in 2026, but Senators Lummis and Moreno have warned that missing the Memorial Day recess could delay the legislation indefinitely.