The Senate Banking Committee is set to mark up H.R.3633, the Digital Asset Market Clarity Act of 2025, in an executive session scheduled for Thursday, May 14, 2026, pushing the crypto industry’s most anticipated regulatory bill closer to a full Senate vote.
The executive session is scheduled for 10:30 AM in Dirksen Senate Office Building 538. The bill, commonly known as the Clarity Act, would establish a federal regulatory framework for digital assets, drawing jurisdictional lines between the SEC and CFTC.
Senate Banking Republicans released updated bill text on May 12, 2026, two days before the markup. Chairman Tim Scott, along with Senators Cynthia Lummis and Thom Tillis, published the revised language to serve as the basis for the committee’s consideration.
Why Senate markup is the bill’s most consequential test yet
Markup is the stage where committee members debate amendments, revise language, and vote on whether to send the bill to the full Senate floor. Unlike hearings, which are informational, markup produces binding changes to legislative text.
The Clarity Act already cleared the House with a 294-134 bipartisan vote on July 17, 2025. The Senate received it on September 18, 2025, and referred it to the Banking Committee, where it has sat for nearly eight months.
For the bill to advance, it must survive potential amendments that could reshape core provisions. Language can still change materially during markup, and senators from both parties may introduce competing visions for how digital assets should be regulated.
Key provisions the crypto industry is watching
The bill’s central mechanism is a jurisdictional bright line between the SEC and CFTC. Under the proposed framework, the CFTC would gain authority over digital commodity transactions, while a new SEC exemption called Regulation Crypto would govern token offerings and secondary markets.
One pressure point involves stablecoin rewards. A compromise in the bill would prohibit customer rewards on idle stablecoin holdings while permitting rewards tied to payment activities. Banks have lobbied against this provision, and senators may propose amendments during markup.
Developer protections are another flashpoint. Coin Center’s Jason Somensatto has argued that the Blockchain Regulatory Certainty Act protections “must be an integral part of any market structure regime,” warning that Senate drafting could weaken safeguards for non-custodial software developers.
“The BRCA must be an integral part of any market structure regime.”
— Jason Somensatto, Coin Center
Industry support for advancing the bill is broad. A coalition of more than 120 organizations urged the Banking Committee to move forward with markup, and former CFTC Commissioner Summer Mersinger noted that “years of bipartisan work have brought Congress to this vital moment for digital asset market structure legislation.”
The markup arrives as broader crypto regulatory efforts continue to accelerate in Congress. Firms tracking legislative timelines, much like those watching Consensys delay its potential IPO over regulatory uncertainty, view the Clarity Act as a potential catalyst for clearer compliance frameworks.
What happens after the Banking Committee votes
If the committee approves the bill, it would be reported to the full Senate for floor consideration. Senate leadership would then decide when to schedule a vote, factoring in competing legislative priorities and the political calendar.
A committee vote in favor would represent a substantive win, signaling bipartisan willingness to codify crypto market structure rules. A failure to advance, or passage with significant amendments, could force a lengthy reconciliation process with the House version.
Even a successful committee vote does not guarantee final passage. The bill would still need 60 votes to overcome a potential Senate filibuster, followed by a conference process to reconcile any differences with the House-passed version before reaching the president’s desk.
For projects building on networks like Solana’s recently tested Alpenglow upgrade or operators running Ethereum validator infrastructure, the outcome of this markup could determine whether they face SEC registration requirements, CFTC oversight, or a hybrid compliance regime in the months ahead.
The markup session is open for public monitoring through the Senate Banking Committee’s official channels. No vote outcome is available yet, as the session had not convened at the time of publication.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and digital asset markets carry significant risk. Always do your own research before making decisions.
