The Senate Banking Committee is preparing to notice a markup for the CLARITY Act as soon as tomorrow, according to a post on X from former Fox Business reporter Eleanor Terrett, reviving momentum for a crypto market structure bill that has been delayed for months.
🚨SCOOP: The Senate Banking Committee is preparing to notice a markup for the Clarity Act as soon as tomorrow and has circulated draft legislative text to select industry members ahead of a potential Thursday vote, according to multiple industry sources who have seen the text.…
— Eleanor Terrett (@EleanorTerrett) May 7, 2026
Draft legislative text has reportedly been circulated to select industry members ahead of a possible Thursday vote. The language is still being finalized, with additional edits expected to reflect priorities from Democratic offices, according to the report.
The development would mark a major step forward for the CLARITY Act, which has struggled to advance in the Senate after the House passed the bill in July 2025 by a bipartisan vote of 294 to 134. The bill is designed to establish a federal framework for digital assets and clarify oversight between the SEC and CFTC.
The Senate Banking Committee postponed a scheduled discussion on the bill in January after Coinbase CEO Brian Armstrong publicly withdrew support for the draft, citing concerns over tokenized equities, DeFi provisions, stablecoin rewards, and the balance of authority between the SEC and CFTC.
Negotiations have since centered on stablecoin yield language, one of the most contentious issues in the bill. A recent compromise from Senators Thom Tillis and Angela Alsobrooks would restrict stablecoin issuers from offering yield that resembles bank deposit interest, while allowing certain rewards tied to user activity.
That compromise helped revive hopes for a markup after months of stalled progress. Still, the latest draft appears to remain in flux. One industry source told Terrett that the overall reaction after reviewing the bill was positive, though bracketed sections have raised concerns that some provisions previously viewed as settled may still be open to changes.
The markup would be only one step in a longer process. The bill would still need to clear the Senate Banking Committee, move through the full Senate, and then be reconciled with the House version if the two chambers pass different texts. Industry attention remains high because the CLARITY Act is viewed as the main vehicle for creating a market structure framework for crypto in the US.