What is the CLARITY Act?

The CLARITY Act is a proposed US crypto market structure bill designed to establish clearer rules for digital assets, exchanges and decentralised finance platforms. The legislation aims to define how crypto markets are regulated and which agencies oversee different parts of the industry.

Why is the CLARITY Act important for the crypto industry?

Crypto companies believe clearer federal rules could reduce regulatory uncertainty and encourage institutional adoption. The bill is viewed as one of the most important US crypto policy proposals because it could shape how digital assets operate nationwide.

When could the CLARITY Act move forward in the Senate?

Kara Calvert said the bill could face a Senate Banking Committee markup as early as next week. A markup is the stage where lawmakers debate, amend and vote on legislative details before broader Senate consideration.

Why does the CLARITY Act need bipartisan support?

The legislation likely requires at least 60 Senate votes to pass, meaning support from both Republicans and Democrats is necessary. Crypto lobby groups and companies are therefore heavily focused on maintaining bipartisan backing.

Why did Coinbase previously withdraw support for the CLARITY Act?

Coinbase previously objected to parts of the bill involving stablecoin yield restrictions, decentralised finance regulation and legal protections for open-source software developers. The company argued earlier versions could hurt innovation within the crypto ecosystem.

What crypto issues are lawmakers still negotiating?

Current discussions reportedly include decentralised finance oversight, stablecoin rules and protections for developers building open-source blockchain software. These areas remain politically sensitive because they affect innovation, compliance and financial risk.

What does the HarrisX survey reveal about crypto regulation?

The survey found 70% of voters believe the US should already have passed clear crypto legislation, while 62% want the US to lead globally in digital finance regulation. The results suggest broader public support for clearer rules around digital assets.

Why are crypto tax rules a major issue for institutions?

Calvert said current IRS reporting requirements create heavy compliance burdens for crypto firms and investors. Exchanges must issue large numbers of 1099-DA tax forms, even for very small transactions, making administration costly and inefficient.

CLARITY Act vote nears as crypto lobbying intensifies

Written by Jon CuthbertPublished May. 8 2026Last Updated May. 8 2026

Coinbase vice president of US policy Kara Calvert said the CLARITY crypto market structure bill could move to a Senate Banking Committee markup as early as next week.

Speaking at Consensus 2026, Calvert said the legislation would require bipartisan support and at least 60 Senate votes to become law as crypto lobbying efforts intensify in Washington.

“That means you need Democrats,”

Calvert said, adding:

“You need a bipartisan bill, and we have all been working really hard to make sure that bipartisanship holds.”

The comments come as lawmakers and crypto industry groups continue negotiating provisions around decentralised finance regulation, stablecoin yield and protections for open-source software developers.

Coinbase previously withdrew support for an earlier version of the CLARITY bill in January, arguing the legislation failed to adequately protect developers and imposed problematic restrictions on parts of the digital asset ecosystem.

A HarrisX survey released Thursday showed broad public support for crypto legislation, with 70% of voters saying the US should already have implemented clear cryptocurrency rules and 62% supporting American leadership in digital finance regulation.

Calvert also argued that crypto taxation rules remain one of the largest barriers to institutional adoption, particularly requirements forcing exchanges to issue large volumes of IRS 1099-DA forms for even very small transactions.

She said Congress could also advance crypto tax reform legislation over the coming months, citing proposals including the Digital Asset PARITY Act introduced earlier this year by Representatives Max Miller and Steven Horsford.