- The US Senate Banking Committee will vote on the CLARITY Act on May 14.
- The bill will divide crypto oversight between the SEC and CFTC and set stablecoin rules.
- Stand With Crypto said it will score senators’ recorded votes amid increasing pressure.
The US Senate Banking Committee will vote on the CLARITY Act on May 14 at 10:30 am ET, pushing one of the biggest crypto market structure bills seen in Washington into a critical stage.
The committee markup will decide whether the legislation advances to the Senate floor. The bill, formally listed as H.R.3633, would split crypto oversight between the SEC and CFTC.
Tokens viewed as securities would remain under SEC control, while digital commodities would fall under the CFTC. The proposal also sets rules for stablecoins and limits passive interest products tied to them.
Digital asset advocacy group Stand With Crypto said it will score every recorded vote tied to the markup. The group said it represents more than 2.9 million crypto advocates and warned senators that their positions on the bill will directly affect future lawmaker ratings.
Stand With Crypto has already pushed lawmakers ahead of the session. The group said more than 28,000 Americans signed a petition delivered to Washington last week supporting action on the legislation. It also stated that crypto advocates have contacted lawmakers nearly 1.5 million times over the past several years.
Related: Senator Elizabeth Warren Presses Meta on Stablecoin Plans Before CLARITY Act Vote
Senate Vote Turns Into Political Test
The committee vote is becoming a public political test before the 2026 election cycle starts to build. Stand With Crypto urged senators to vote in favor of advancing the bill and confirmed that scorecards would update after the recorded vote.
Polling data released by Harrisx on May 7 added more pressure ahead of the hearing. The survey showed 52% support for the CLARITY Act after respondents reviewed a summary of the proposal.
Around 70% of respondents said the US should already have clear crypto laws, while 60% said they prefer direct federal legislation instead of regulation through lawsuits and enforcement actions.
The Senate Banking Committee also released a 309-page draft of the legislation this week. Committee members have until May 13 to submit amendments before the markup session begins the next morning.
The draft bill has been under development since January and has reportedly gone through several revisions involving regulators, industry groups, and consumer advocates.
Stablecoin Debate Pulls Banks Into Fight
Senator Bernie Moreno accused large banking groups of lobbying aggressively against the legislation. Moreno claimed the American Bankers Association sent urgent messages to bank CEOs asking them to pressure senators against stablecoin provisions.
Moreno argued banks fear losing control over deposits if stablecoins offer users higher returns and easier access to yield products. He also linked the debate to wider criticism of banking practices during the Biden administration, including claims of politically motivated account closures tied to crypto and conservative figures.
Related: 52% of Voters Back CLARITY Act as Demand for Crypto Regulation Grows
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