The US CLARITY Act, legislation aimed at providing regulatory clarity for the cryptocurrency industry, will be voted on by the Senate Banking Committee on Thursday. The bill’s advancement follows months of delay and industry concern over regulatory uncertainty driving firms offshore.
The US CLARITY Act is scheduled for a vote in the Senate Banking Committee on Thursday. The legislation aims to provide clearer regulatory guidelines for the cryptocurrency industry.
Senate Banking Committee chair Tim Scott confirmed the vote date last Friday. The bill’s progress had stalled earlier this year after Coinbase withdrew its support, citing concerns including lack of protections for open source developers and a prohibition on stablecoin yield.
Coinbase chief legal officer Paul Grewal stated, “It’s on like Donkey Kong,” following the announcement. Coinbase chief policy officer Faryar Shirzad called it a “big step forward” and said the legislation is essential for protecting consumers and supporting innovation in the United States.
Industry participants have argued that regulatory uncertainty under the Biden administration, with SEC Chair Gary Gensler, harmed US innovation. This uncertainty was linked to reports of crypto firms relocating to more crypto-friendly jurisdictions offshore.
US Senator Cynthia Lummis said, “Let’s pass the Clarity Act out of the Banking Committee on Thursday!” The bill requires at least 60 votes to pass the Senate and needs bipartisan support to become law.
Kara Calvert, vice president of US policy at Coinbase, recently predicted the markup would occur. She noted the bill’s need for sufficient votes and bipartisan backing during the Consensus 2026 conference.
