U.S. Senate Banking Committee Chair: The CLARITY Act confirmed for a vote on May 14

U.S. Senate Banking Committee Chairman Tim Scott confirmed on May 8 that the CLARITY Act—aimed at providing regulatory transparency for the U.S. crypto industry—will be put to a vote by the Senate Banking Committee on May 14. Coinbase Chief Policy Officer Faryar Shirzad said on X that the confirmation of the review date is a major step forward, which is crucial for supporting U.S. innovation.

Background of the Review Confirmation and the Bill’s Progress

According to Tim Scott’s confirmation as chairman of the U.S. Senate Banking Committee on May 8, 2026, the CLARITY Act will be scheduled for a committee vote on May 14, 2026. Before this, the bill had been waiting for months without a confirmed new review date.

According to earlier reports, the CLARITY Act was introduced in July 2025 and was originally expected to make legislative progress at the start of 2026, but it stalled in January 2026 after Coinbase withdrew its support. Coinbase’s objections at the time included: lack of legal protection for open-source software developers, a ban on stablecoin yield provisions, and concerns regarding decentralized finance (DeFi) regulation.

Coinbase Executives’ Statement and Responses from Various Parties

On May 8, 2026, Coinbase Chief Legal Officer Paul Grewal said on X: “This is like King Kong—full blast.” On the same day, Coinbase Chief Policy Officer Faryar Shirzad said on X that the confirmation of the review date is “a big step forward,” adding that the legislation is crucial to supporting U.S. innovation.

U.S. Senator Cynthia Lummis posted on X: “Let’s get the CLEAR Act passed in the Banking Committee on Thursday!”

At Consensus 2026, Coinbase’s U.S. policy vice president Kara Calvert said it is expected that the push to advance the bill will increase next week.

Passage Threshold: 60 Votes and Bipartisan Support

According to remarks by Coinbase’s U.S. policy vice president Kara Calvert at Consensus 2026, for the CLARITY Act to pass in the Senate it must receive at least 60 votes, and it also needs support from both parties in order to officially become law.

FAQs

Which stage of the legislative process is the May 14 vote on the CLARITY Act part of?

According to Tim Scott’s confirmation on May 8, 2026, May 14 is a committee-level vote in the Senate Banking Committee, not the final floor vote by the full Senate. After the bill passes committee review, it still needs to go through the full Senate voting procedure.

Why did the CLARITY Act previously stall?

According to earlier reports, the CLARITY Act stalled in January 2026 due to Coinbase withdrawing its support. Coinbase’s objections included lack of legal protection for open-source software developers, a ban on stablecoin yield provisions, and concerns regarding DeFi regulation.

How many votes are required for the CLARITY Act to pass the full Senate?

According to remarks by Coinbase’s U.S. policy vice president Kara Calvert at Consensus 2026, for the bill to pass in the Senate it needs at least 60 votes, and it requires support from both parties to officially become law.