Senate set to mark up Clarity Act

Crypto policy is moving out of the vibes stage and into actual lawmaking. The immediate news is simple — the Senate Banking Committee is set to meet on Thursday, May 14, 2026, at 10:30 a.m. to mark up H.R. 3633, the Digital Asset Market Clarity Act of 2025. (banking.senate.gov) That is the Senate’s next real decision point on the biggest crypto market-structure bill now in Congress. (congress.gov) ### What is happening on May 14? The committee is holding an executive session in Dirksen 538 to consider H.R. 3633, the House-passed CLARITY Act. On the same day the committee page also shows fresh movement from Chairman Tim Scott and Senators Cynthia Lummis and Thom Tillis, who released market-structure bill text ahead of the markup. (banking.senate.gov) In plain English, senators are no longer just talking about crypto rules — they are editing them line by line. ### Why is this bill the one to watch? Because this is the bill that tries to answer the question that has hung over U.S. crypto for years: when is a token a security, and when is it more like a commodity? (banking.senate.gov) The CLARITY Act creates a framework for “digital commodities,” gives the CFTC the central role over those assets and their intermediaries, and leaves the SEC with parts of the primary-offering and securities side. That is the core jurisdiction split everyone has been fighting about. ### What does the CFTC actually get? The short version is spot-market power over a big chunk of crypto, if the asset qualifies. (banking.senate.gov) CRS says the bill would give the CFTC a central role in regulating digital commodities and related intermediaries. It also excludes securities, derivatives, and stablecoins from the bill’s “digital commodity” definition, which matters because those categories stay on different legal tracks. ### So where does the SEC still matter? A lot, but in a narrower way. The bill keeps parts of SEC authority over primary-market crypto transactions and creates a limited exemption from Securities Act registration for some fundraising tied to digital commodities. (congress.gov) Issuers using that path would face conditions, including an offering statement and a $75 million cap over 12 months. Basically, the SEC does not disappear — but the perimeter gets drawn more explicitly. ### What is this “mature blockchain” idea? This is one of the bill’s key tricks. A blockchain can qualify as “mature” if it is not controlled by any person or group under common control and meets other decentralization-style criteria. (congress.gov) The bill lets issuers certify maturity to the SEC, and that status unlocks parts of the lighter-touch framework. Think of it as the legal test for whether a network has grown out of its startup phase. ### How far has the bill already gone? Far enough that this is not a messaging vote. Congress.gov shows H.R. 3633 was introduced on May 29, 2025, passed the House on July 17, 2025, by 294-134, and then moved to the Senate Banking Committee on September 18, 2025. (congress.gov) A Senate markup is the next gate. If senators advance it, the bill gets materially closer to a floor fight and eventual cross-chamber negotiation. ### Why are people fighting over it? Supporters want clear rules after years of regulation-by-enforcement. Opponents worry that a looser path for some tokens could weaken investor protection, create loopholes, or fail to address conflict-of-interest and financial-stability risks. (congress.gov) You can see that split even on the committee’s own site — Republicans are publishing fact sheets to sell the bill, while Warren has already attacked earlier drafts on conflict and oversight grounds. ### Bottom line? May 14 is not the end of the crypto policy fight. But it is the moment when the Senate Banking Committee can turn a House crypto bill into a live Senate vehicle. (congress.gov) If that happens, the debate shifts from “should Washington write rules?” to “whose rules win?” (banking.senate.gov 1) (banking.senate.gov 2)