Key Highlights
- The Senate Banking Committee is allegedly preparing a May 8 markup of the CLARITY Act, with draft text already shared and still being edited.
- The White House is pushing for the bill to pass before July 4, aiming to finish Senate work in June.
- Senator Kirsten Gillibrand said she will not support the bill unless stronger safeguards are added.
The U.S. Senate Banking Committee is reportedly preparing to begin a key step on the CLARITY Act, with a markup expected as soon as tomorrow, May 8, in Washington, D.C.
According to an X post by journalist Eleanor Terrett on Thursday, the Senate Banking Committee “has circulated draft legislative text to select industry members ahead of a potential Thursday vote, according to multiple industry sources who have seen the text.”
Why the markup matters
A markup is the stage in which lawmakers review a bill line by line, make changes, and prepare it for a vote. Before this step, a draft text of the bill was already shared with selected industry groups so they could review it early and give feedback before a possible next Thursday vote.
This means that the bill is not fully finished yet. According to Terrett, some industry participants who saw the draft say the mood is mostly positive, but there are still parts that are not agreed on.
Some sections of the bill are still marked in brackets, which means they are not final and can still change. Sources say this shows that while progress is being made, lawmakers are still adjusting important parts before anything is locked in.
What the bill is about
The CLARITY Act has been one of the most talked-about crypto bills in recent weeks. It is designed to set rules for how digital assets are regulated in the United States, especially by defining the roles of the SEC (Securities and Exchange Commission) and the CFTC (Commodity Futures Trading Commission).
The bill would also introduce rules covering crypto exchanges, stablecoins, and other digital asset platforms. One of its primary goals is to reduce reliance on lawsuits and enforcement actions as the main regulatory approach toward the crypto industry.
Senate timeline and White House push
During Consensus Miami on Wednesday, White House crypto advisor Patrick Witt said the early reaction to the bill has been mostly good. He explained that “the overall vibes after reviewing the bill… are positive so far,” but he also admitted that there are still some disagreements.
The government is now pushing for the bill to pass fully before July 4, which is Independence Day in the United States. The plan is to have the Senate committee finish work in May, followed by a Senate vote in June, and then a House vote before July 4. Witt also warned that the schedule is tight, saying, “There’s not a lot of slack left in the rope right now.”
One of the hardest issues in the bill is about stablecoin rewards. A compromise has reportedly been made, but both crypto companies and banks are still not fully happy with it. Even so, Witt said he is “very bullish, cautiously optimistic” about the bill moving forward.
Some lawmakers remain opposed
Not all lawmakers are aligned. Senator Kirsten Gillibrand has said she will not support the bill unless it includes strict ethics rules. She wants bans on insider trading by public officials and stronger protection against illegal finance.
She pointed to concerns about conflicts of interest in the crypto space. She said three things must be fixed before the bill moves forward: ethics rules, consumer protection, and stopping illegal money flows. She added that the bill could pass “by August if we’re lucky,” showing there is still debate on timing.
Overall, the bill is seen as one of the most important crypto policy bills in the U.S. right now, with lawmakers, regulators, and industry leaders trying to follow through with its progress.
Also Read: CLARITY Act Gains Support as 70% of Americans Back Crypto Rules
