Story perspectives

Senate Banking Committee to Hear CLARITY Act Defining Crypto Tokens

5/11/2026

Summary

Senate Banking Considers CLARITY

The Senate Banking Committee will hold a session on May 14 to consider the CLARITY Act.
The CLARITY Act would define crypto tokens as securities, commodities, or other categories for legal clarity.
Crypto companies back the bill, calling it vital for the U.S. digital asset space.
Banking trade groups and lobbyists seek amendments and aim to win over Republican senators with a proposal to bar stablecoin issuers from offering any rewards.

Summary

Banks Demand Changes

Banks submitted a letter on May 1 demanding changes to stable-coin rewards compromise they had just signed, leveraging the May 21 Memorial Day recess.
The banking lobby warns stablecoins could cut consumer, small-business and farm loans by 20 % or more, threatening profits.
President Donald Trump pledged not to let bankers sabotage the crypto bill, keeping markup on schedule before the May 21 deadline that could halt negotiations and push the bill to 2026.

Summary

Trump Must Sign

The President’s Council of Advisors for Digital Assets set July 4, 2026 as the deadline for President Donald Trump to sign the CLARITY Act.
The Senate version adds four titles covering DeFi regulation, digital-asset banking, illicit-finance rules, and the Blockchain Regulatory Certainty Act.
If the banking language is rejected, a conference committee will reconcile House and Senate drafts before the July 4 deadline.

1 of 3

Senate Banking Considers CLARITY

The Senate Banking Committee will hold a session on May 14 to consider the CLARITY Act.
The CLARITY Act would define crypto tokens as securities, commodities, or other categories for legal clarity.
Crypto companies back the bill, calling it vital for the U.S. digital asset space.
Banking trade groups and lobbyists seek amendments and aim to win over Republican senators with a proposal to bar stablecoin issuers from offering any rewards.

1 / 3