- Senate Banking Committee schedules CLARITY Act markup vote for May 14 at 10:30 AM.
- The bill gives CFTC primary oversight of digital commodities while SEC retains securities authority.
- Banking lobby groups pushed last-minute yield changes, but a Senate aide dismissed them.
The Senate Banking Committee has scheduled a markup vote for the Digital Asset Market Clarity Act on Thursday, May 14, at 10:30 AM EST in the Dirksen Senate Office Building. The date is confirmed, and the crypto industry is paying close attention.
Senator Cynthia Lummis wasted no time responding. “Let’s pass the Clarity Act out of the Banking Committee on Thursday,” she posted immediately after the announcement.
Ripple’s Chief Legal Officer Stuart Alderoty called it a hard-earned milestone. “Washington has a narrow window. Let’s not waste it,” he said. Prediction markets currently place the odds of crypto market structure legislation becoming law this year at 69%.
What the Bill Does
The CLARITY Act, introduced by Representative French Hill and already passed the House, hands primary oversight of digital commodities to the CFTC while preserving an SEC role for securities-like activities.
It also establishes rules for anti-money laundering and customer protection. Senate Banking Committee Chairman Tim Scott, SEC Chair Paul Atkins, and executives from Robinhood and Coinbase have all backed the bill publicly.
One Last Fight on Stablecoins
Even with the vote days away, banking industry groups are making a final push for changes. Six major banking trade associations, including the American Bankers Association and the Bank Policy Institute, sent proposed edits to Senate Banking Committee leadership, arguing the current stablecoin yield compromise still leaves room for rewards programs that could effectively replicate interest payments.
The push came despite signals from Senators Thom Tillis and Angela Alsobrooks earlier this week that the yield issue had already been resolved through their bipartisan compromise.
A Senate aide dismissed the banking lobby effort directly. “Pretty milquetoast,” the aide said, adding that committee members have already moved on to wrapping up remaining issues around ethics provisions. The yield debate, in other words, appears closed.
What Comes Next
A successful committee markup on May 14 does not make the CLARITY Act law. The full Senate must still vote, and the Senate version must be reconciled with the House version before reaching the President’s desk. The White House is targeting July 4 for the final signature.
But Thursday’s vote is the most significant checkpoint the bill has faced in the Senate. After months of stalled negotiations, the calendar has a date on it.
Related: CLARITY Act Faces Senate Markup Next Week Over Ethics Rules
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