Senate Banking Committee to Markup CLARITY Act on May 8

Key Insights

• The Senate Banking Committee is preparing to markup the CLARITY Act on May 8.
• A new HarrisX poll showed bipartisan voter support for the legislation.
• The White House wants the bill passed by July 4 despite ongoing industry disagreements.

Members of the United States Senate Banking Committee are preparing to markup the CLARITY Act on May 8 as momentum builds around crypto regulation in Washington.

Crypto journalist Eleanor Terrett reported that draft legislative text had already circulated among industry participants ahead of the expected committee vote. However, lawmakers may still amend portions of the language before the final markup proceeds.

According to Terrett, committee members are preparing to formally place the CLARITY Act on the legislative calendar after months of negotiations tied to stablecoin regulation and crypto oversight.

The latest development followed weeks of disagreement between banking groups and crypto firms over stablecoin yield provisions. Large banking trade organizations had continued opposing parts of the bill even after lawmakers introduced a compromise restricting stablecoin rewards to activity-based incentives.

Despite those tensions, sentiment around the legislation has improved among lawmakers and industry stakeholders. Sources cited by Terrett said concerns remain around several provisions, but broader negotiations now appear more constructive.

A new poll conducted by HarrisX showed growing bipartisan voter support for the CLARITY Act. The survey, which included 2,008 registered voters, found that 52% supported the legislation. Support included 58% of Republicans, 55% of Democrats, and 42% of independent voters.

Only 11% of respondents opposed the legislation. Most participants favored clearer crypto regulations and stronger consumer protections.

The poll also showed political implications tied to the bill. Roughly 37% of respondents said they would be more likely to support lawmakers who backed the CLARITY Act.

National security arguments also gained traction during the debate. Treasury Secretary Scott Bessent and Mike Selig previously linked crypto regulation to U.S. financial competitiveness and strategic infrastructure.

According to the survey, 56% of voters believed digital finance systems should be built inside the United States to strengthen national security. Around 70% also supported regulatory clarity for crypto markets, while 60% preferred federal oversight instead of fragmented state-level rules.

With progress on the CLARITY Act, the White House expects the House to pass the law by July 4. Patrick Witt, executive director of the President’s Council of Advisors on Digital Assets, shared this at Consensus Miami, noting it would be a significant milestone.

However, not everyone believes it will happen that soon. Most stakeholders, including Coinbain chief legal officer Paul Grewal and Ripple CEO Brad Garlinghouse, believe it would pass before the midterm elections.

Even Witt admitted the White House targets create a tight schedule. Despite the positive momentum ahead of the Act’s passage, the crypto market corrected today, with Bitcoin falling below $80,000.

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