US crypto bill nears key markup

TLDR

A major U.S. crypto market-structure bill, the Digital Asset Market Clarity Act (CLARITY Act), is now close to a Senate Banking Committee markup that could happen in mid May.

1. Senators from both parties say the committee is targeting the week of 11 May for a markup of the CLARITY Act, after the House passed it with a strong bipartisan vote.
2. The bill would split oversight between the CFTC and SEC, set national rules for stablecoins and exchanges, and add protections for DeFi and non custodial developers, potentially lowering U.S. regulatory risk.
3. Key disputes over stablecoin yield, ethics rules and timing still threaten the path to final passage, and missing the May window could delay comprehensive U.S. crypto law for years.

Deep Dive

1. Where The Bill Stands Now

Senate Banking is aiming for a markup of the CLARITY Act in the week of 11 May, the clearest timeline yet for the broad U.S. crypto market structure bill, according to a Senate-focused overview on CoinsKid Community that cites Senators Cynthia Lummis and Thom Tillis setting that target window. That same piece notes the bill already passed the House 294134 in July 2025, and a related version cleared the Senate Agriculture Committee in January, leaving Banking as the main bottleneck.

Banking Chair Tim Scott has called the bill in the red zone and said he expects a committee markup in May, while advocacy group Stand With Crypto delivered a petition with over 28,000 signatures urging the committee to move the bill forward as the next step for regulatory clarity for users and builders.

2. What The CLARITY Act Would Do

The CLARITY Act would classify most tokens that are not securities as digital commodities under Commodity Futures Trading Commission oversight, while leaving the Securities and Exchange Commission in charge of securities issuance and disclosures. It also creates a registration framework for trading venues, clarifies treatment of DeFi protocols, and incorporates language shielding non custodial open source developers from being treated like intermediaries, as described in the same detailed Community analysis of the bill.

Stablecoins are another focus. The bill aligns with prior stablecoin legislation by requiring high quality reserves and setting federal standards, while also resolving overlapping jurisdiction between agencies. Supporters argue that this combination could unlock more bank and institutional participation and reduce the regulatory risk premium on U.S. listed crypto assets.

3. Risks, Politics And Timeline

The markup is not guaranteed. Negotiations continue over a compromise that bans passive just hold it stablecoin yield while allowing activity based rewards, with banking lobbies and some exchanges pulling in opposite directions. Ethics language that would tighten rules on officials crypto holdings has also become a bargaining chip, especially given prominent political figures ties to crypto, and may be pushed to a later stage to avoid blocking committee progress.

Time is a major risk. Analysts quoted in the Community coverage put 2026 passage odds somewhere between roughly one in three and 50 percent, and warn that missing the May markup window could shelve the bill until after the next election cycle. That is why industry groups, from advocacy coalitions to large firms, are concentrating their lobbying and public campaigns on getting a committee vote onto the calendar this month.

Conclusion

The CLARITY Act moving toward a real Senate Banking markup is the first concrete procedural momentum U.S. crypto market structure legislation has seen in years. For crypto users and projects, it raises the odds of a unified federal framework that clarifies who regulates what, especially for stablecoins, exchanges and DeFi. The next few weeks are critical: a scheduled markup and successful committee vote would validate this momentum, while another delay would signal that comprehensive U.S. crypto rules could remain uncertain for much longer.