Senate Banking Committee Could Vote on Crypto CLARITY Act as Soon as May 14

The Senate Banking Committee is moving quickly on the CLARITY Act, a major U.S. crypto market structure bill. Multiple sources say the committee is preparing for a vote as early as May 14, and draft legislative text has already been shared with a select group of industry participants. Chairman Tim Scott is pushing to wrap up markup before May 21, ahead of the Memorial Day recess. The White House is aiming for the President to sign the bill by July 4, timed to America's 250th anniversary. The CLARITY Act cleared the House in July 2025 by a bipartisan 294–134 vote, then bogged down in the Senate for months over disputes tied to stablecoin yield provisions. Momentum returned on May 1 after Senators Thom Tillis and Angela Alsobrooks reached a bipartisan deal. Under that compromise, the bill would prohibit passive yield on stablecoins—holding USDC or USDT would not generate interest-like returns. Activity-based rewards linked to transactions, trading volume, or platform usage would still be allowed. Supporters say the legislation would reduce years of regulatory uncertainty by drawing a clearer line between SEC and CFTC oversight of digital assets, creating a framework for exchanges and institutions, and shifting away from regulation driven primarily by enforcement actions. A committee vote would not be the final step. If the Senate Banking Committee advances the bill, it would still require passage by the full Senate. Any Senate-passed version would then need to be reconciled with the House bill before it can go to the President. Some market participants are staying cautious, noting that the schedule is not fully confirmed until markup appears on the official Senate calendar. Sources familiar with the process describe sentiment as constructive, though bracketed sections in the draft remain under revision as Democratic offices seek additional edits ahead of the vote.