Senate Banking Committee Cancels CLARITY Act Markup as Coinbase Withdraws Support

The Senate Banking Committee canceled a Thursday markup session for the CLARITY Act on Jan. 15, with no rescheduled date announced, BlockBeats reports. The bill, released Monday evening, seeks to clarify regulatory jurisdiction between the CFTC and SEC, define when digital assets are securities or commodities, and set new disclosure requirements. Democratic Senator Ruben Gallego told reporters he cannot support the legislation after Patrick Witt, Executive Director of the President's Digital Assets Advisory Council, failed to attend an expected meeting. Coinbase CEO Brian Armstrong subsequently withdrew the company's backing, citing concerns over provisions on stablecoin yield, tokenized equity and decentralized finance, though some crypto firms and advocacy groups said they will continue working toward passage in 2026.