CLARITY Act Draft Circulates Ahead of Potential Senate Vote, Report

Senate banking proposal heads to committee vote Thursday

The Senate Banking Committee is reportedly moving closer to action on the CLARITY Act, with notice of an increase possible on May 8. Journalist Eleanor Terrett reported This draft legislation has been distributed to some industry members ahead of a potential vote on Thursday. The language remains under review, and additional changes are expected from Democratic offices.

Industry sources who have reviewed the draft described the overall response as positive, although unresolved bracketed sections remain concerning. These areas concern provisions that some participants previously considered settled. The traffic plan comes as lawmakers, crypto Advocates and industry executives are pushing for a federal framework for digital assets. Terrett said:

“The Senate Banking Committee is preparing to see an increase in the CLARITY Act tomorrow and has circulated draft legislation to screen industry members ahead of a possible vote on Thursday.”

Stablecoins Performance agreement leaves ethics clause in focus

After passing the House in July 2025, the Digital Asset Market Clarity Act stalled in the Senate Banking Committee for months. Pressure increased this week after Patrick Witt, executive director of the President’s Council of Advisors on Digital Assets, said the White House wanted adoption by July 4. This goal adds urgency before electoral politics slows legislative action.

Negotiators recently advanced a compromise proposed by Senators Thom Tillis and Angela Alsobrooks on stable coin rewards. The measure would prohibit passive return for simple holding stable coins while allowing activity-based rewards related to transactions, trading or use of the platform. A separate dispute remains over the language of ethics. Senator Kirsten Gillibrand said she would not support the bill without restrictions barring senior officials from profiting from crypto assets. Lawmakers are also debating Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) jurisdiction standards, broker-dealer reporting rules and possible crypto wash sales tax changes.

US Senator Cynthia Lummis said:

“I’ve spent years in the Senate fighting for American leadership in digital assets, and that means finishing what we started with the CLARITY Act. Let’s do it.”

The HarrisX poll found that 52% of voters support the CLARITY Act after a neutral description, while 11% oppose it. The survey of 2,008 registered voters also found that 70% think the United States should have already adopted it. crypto legislation.