Senate Takes Major Step Towards Crypto Regulation with Latest Bill Advancement

Key facts The CLARITY Act (H.R. 3633) was formally placed on the US Senate Legislative Calendar under General Orders on 01 June 2026, advancing the bill to the final stage before a Senate floor vote. The entry, recorded as Calendar No. 423, follows a Senate Banking Committee vote in May and makes the bill eligible for Senate-wide debate, amendments, and a definitive vote on the chamber floor.

The CLARITY Act passed the US House of Representatives by a 294-134 bipartisan margin, according to FinanceFeeds. The Senate calendar placement marks the bill's most significant legislative advance since that House passage in 2025.

"Today, the Banking Committee showed the American people that Washington can still work together.", 14 May 2026.

— Sen. Tim Scott, Chairman, Senate Banking Committee 

Bill draws SEC and CFTC jurisdiction lines across digital asset marketsIf enacted, the CLARITY Act would establish the Securities and Exchange Commission (SEC) as the regulator for digital assets that qualify as securities, and grant the Commodity Futures Trading Commission (CFTC) explicit authority over spot and cash markets for digital commodities. The bill introduces a cryptographic maturity test to determine when a blockchain network has achieved sufficient decentralization to shift from security to commodity classification. Commercial banks would also receive explicit authority to use distributed ledger technology for standard activities, including custody, payments, and lending operations.

Banking Committee cleared bill 15-9 after stablecoin yield compromise broke deadlockThe Senate Banking Committee cleared the bill on 14 May 2026 with a 15-9 bipartisan vote, chaired by Senator Tim Scott (R-SC). The vote followed months of closed negotiations over stablecoin yield structures. Earlier drafts permitted non-bank crypto firms to pay interest-like rewards on stablecoin balances — a structure that JPMorgan Chase chief executive Jamie Dimon and other banking industry leaders opposed, arguing it would erode deposit retention at traditional banks. Negotiators including Senators Thom Tillis and Angela Alsobrooks reached a compromise with the White House that removed traditional banking terminology from token reward programs without banning yield mechanisms outright.

"We are closer to a functioning digital asset market structure than we have ever been. Now is not the time to flinch.", 02 June 2026.

— Sen. Cynthia Lummis, US Senator (R-WY) 

Bill targets a $2.43 trillion digital asset market with 13,967 tracked cryptocurrenciesThe legislation targets a global digital asset market with a combined capitalization of $2.43 trillion and 13,967 tracked cryptocurrencies as of 03 June 2026 (CoinPaprika, 03 June 2026). Supporters, including Senators Scott and Lummis, argue that without clear federal rules, digital asset development and the associated tax base migrate to other jurisdictions, weakening US competitiveness in financial technology.

Sixty-vote threshold and competing priorities leave floor vote timeline openThe bill requires 60 votes to overcome a Senate filibuster, meaning supporters must maintain a durable bipartisan coalition. Several Democratic senators continue to push for national security guardrails on decentralized finance (DeFi) protocols and ethics provisions that would bar senior government officials from holding or promoting digital assets. The CLARITY Act also competes for scheduling time against Department of Homeland Security appropriations disputes and Pentagon budget requests.

Senate leadership has not announced a floor debate date. If the Senate passes the bill, it would require reconciliation with the House version before going to the president for signature. No presidential position on the current bill text has been stated publicly.

Primary source: Senate Banking Committee press release — 14 May 2026 The CLARITY Act passed the US House of Representatives by a 294-134 bipartisan margin, according to FinanceFeeds. The Senate calendar placement marks the bill's most significant legislative advance since that House passage in 2025.

"Today, the Banking Committee showed the American people that Washington can still work together.", 14 May 2026.

— Sen. Tim Scott, Chairman, Senate Banking Committee 

Bill draws SEC and CFTC jurisdiction lines across digital asset marketsIf enacted, the CLARITY Act would establish the Securities and Exchange Commission (SEC) as the regulator for digital assets that qualify as securities, and grant the Commodity Futures Trading Commission (CFTC) explicit authority over spot and cash markets for digital commodities. The bill introduces a cryptographic maturity test to determine when a blockchain network has achieved sufficient decentralization to shift from security to commodity classification. Commercial banks would also receive explicit authority to use distributed ledger technology for standard activities, including custody, payments, and lending operations.

Banking Committee cleared bill 15-9 after stablecoin yield compromise broke deadlockThe Senate Banking Committee cleared the bill on 14 May 2026 with a 15-9 bipartisan vote, chaired by Senator Tim Scott (R-SC). The vote followed months of closed negotiations over stablecoin yield structures. Earlier drafts permitted non-bank crypto firms to pay interest-like rewards on stablecoin balances — a structure that JPMorgan Chase chief executive Jamie Dimon and other banking industry leaders opposed, arguing it would erode deposit retention at traditional banks. Negotiators including Senators Thom Tillis and Angela Alsobrooks reached a compromise with the White House that removed traditional banking terminology from token reward programs without banning yield mechanisms outright.

"We are closer to a functioning digital asset market structure than we have ever been. Now is not the time to flinch.", 02 June 2026.

— Sen. Cynthia Lummis, US Senator (R-WY) 

Bill targets a $2.43 trillion digital asset market with 13,967 tracked cryptocurrenciesThe legislation targets a global digital asset market with a combined capitalization of $2.43 trillion and 13,967 tracked cryptocurrencies as of 03 June 2026 (CoinPaprika, 03 June 2026). Supporters, including Senators Scott and Lummis, argue that without clear federal rules, digital asset development and the associated tax base migrate to other jurisdictions, weakening US competitiveness in financial technology.

Sixty-vote threshold and competing priorities leave floor vote timeline openThe bill requires 60 votes to overcome a Senate filibuster, meaning supporters must maintain a durable bipartisan coalition. Several Democratic senators continue to push for national security guardrails on decentralized finance (DeFi) protocols and ethics provisions that would bar senior government officials from holding or promoting digital assets. The CLARITY Act also competes for scheduling time against Department of Homeland Security appropriations disputes and Pentagon budget requests.

Senate leadership has not announced a floor debate date. If the Senate passes the bill, it would require reconciliation with the House version before going to the president for signature. No presidential position on the current bill text has been stated publicly.

Primary source: Senate Banking Committee press release — 14 May 2026 "Today, the Banking Committee showed the American people that Washington can still work together.", 14 May 2026.

— Sen. Tim Scott, Chairman, Senate Banking Committee 

Bill draws SEC and CFTC jurisdiction lines across digital asset marketsIf enacted, the CLARITY Act would establish the Securities and Exchange Commission (SEC) as the regulator for digital assets that qualify as securities, and grant the Commodity Futures Trading Commission (CFTC) explicit authority over spot and cash markets for digital commodities. The bill introduces a cryptographic maturity test to determine when a blockchain network has achieved sufficient decentralization to shift from security to commodity classification. Commercial banks would also receive explicit authority to use distributed ledger technology for standard activities, including custody, payments, and lending operations.

Banking Committee cleared bill 15-9 after stablecoin yield compromise broke deadlockThe Senate Banking Committee cleared the bill on 14 May 2026 with a 15-9 bipartisan vote, chaired by Senator Tim Scott (R-SC). The vote followed months of closed negotiations over stablecoin yield structures. Earlier drafts permitted non-bank crypto firms to pay interest-like rewards on stablecoin balances — a structure that JPMorgan Chase chief executive Jamie Dimon and other banking industry leaders opposed, arguing it would erode deposit retention at traditional banks. Negotiators including Senators Thom Tillis and Angela Alsobrooks reached a compromise with the White House that removed traditional banking terminology from token reward programs without banning yield mechanisms outright.

"We are closer to a functioning digital asset market structure than we have ever been. Now is not the time to flinch.", 02 June 2026.

— Sen. Cynthia Lummis, US Senator (R-WY) 

Bill targets a $2.43 trillion digital asset market with 13,967 tracked cryptocurrenciesThe legislation targets a global digital asset market with a combined capitalization of $2.43 trillion and 13,967 tracked cryptocurrencies as of 03 June 2026 (CoinPaprika, 03 June 2026). Supporters, including Senators Scott and Lummis, argue that without clear federal rules, digital asset development and the associated tax base migrate to other jurisdictions, weakening US competitiveness in financial technology.

Sixty-vote threshold and competing priorities leave floor vote timeline openThe bill requires 60 votes to overcome a Senate filibuster, meaning supporters must maintain a durable bipartisan coalition. Several Democratic senators continue to push for national security guardrails on decentralized finance (DeFi) protocols and ethics provisions that would bar senior government officials from holding or promoting digital assets. The CLARITY Act also competes for scheduling time against Department of Homeland Security appropriations disputes and Pentagon budget requests.

Senate leadership has not announced a floor debate date. If the Senate passes the bill, it would require reconciliation with the House version before going to the president for signature. No presidential position on the current bill text has been stated publicly.

Primary source: Senate Banking Committee press release — 14 May 2026 Bill draws SEC and CFTC jurisdiction lines across digital asset marketsIf enacted, the CLARITY Act would establish the Securities and Exchange Commission (SEC) as the regulator for digital assets that qualify as securities, and grant the Commodity Futures Trading Commission (CFTC) explicit authority over spot and cash markets for digital commodities. The bill introduces a cryptographic maturity test to determine when a blockchain network has achieved sufficient decentralization to shift from security to commodity classification. Commercial banks would also receive explicit authority to use distributed ledger technology for standard activities, including custody, payments, and lending operations.

Banking Committee cleared bill 15-9 after stablecoin yield compromise broke deadlockThe Senate Banking Committee cleared the bill on 14 May 2026 with a 15-9 bipartisan vote, chaired by Senator Tim Scott (R-SC). The vote followed months of closed negotiations over stablecoin yield structures. Earlier drafts permitted non-bank crypto firms to pay interest-like rewards on stablecoin balances — a structure that JPMorgan Chase chief executive Jamie Dimon and other banking industry leaders opposed, arguing it would erode deposit retention at traditional banks. Negotiators including Senators Thom Tillis and Angela Alsobrooks reached a compromise with the White House that removed traditional banking terminology from token reward programs without banning yield mechanisms outright.

"We are closer to a functioning digital asset market structure than we have ever been. Now is not the time to flinch.", 02 June 2026.

— Sen. Cynthia Lummis, US Senator (R-WY) 

Bill targets a $2.43 trillion digital asset market with 13,967 tracked cryptocurrenciesThe legislation targets a global digital asset market with a combined capitalization of $2.43 trillion and 13,967 tracked cryptocurrencies as of 03 June 2026 (CoinPaprika, 03 June 2026). Supporters, including Senators Scott and Lummis, argue that without clear federal rules, digital asset development and the associated tax base migrate to other jurisdictions, weakening US competitiveness in financial technology.

Sixty-vote threshold and competing priorities leave floor vote timeline openThe bill requires 60 votes to overcome a Senate filibuster, meaning supporters must maintain a durable bipartisan coalition. Several Democratic senators continue to push for national security guardrails on decentralized finance (DeFi) protocols and ethics provisions that would bar senior government officials from holding or promoting digital assets. The CLARITY Act also competes for scheduling time against Department of Homeland Security appropriations disputes and Pentagon budget requests.

Senate leadership has not announced a floor debate date. If the Senate passes the bill, it would require reconciliation with the House version before going to the president for signature. No presidential position on the current bill text has been stated publicly.

Primary source: Senate Banking Committee press release — 14 May 2026 If enacted, the CLARITY Act would establish the Securities and Exchange Commission (SEC) as the regulator for digital assets that qualify as securities, and grant the Commodity Futures Trading Commission (CFTC) explicit authority over spot and cash markets for digital commodities. The bill introduces a cryptographic maturity test to determine when a blockchain network has achieved sufficient decentralization to shift from security to commodity classification. Commercial banks would also receive explicit authority to use distributed ledger technology for standard activities, including custody, payments, and lending operations.

Banking Committee cleared bill 15-9 after stablecoin yield compromise broke deadlockThe Senate Banking Committee cleared the bill on 14 May 2026 with a 15-9 bipartisan vote, chaired by Senator Tim Scott (R-SC). The vote followed months of closed negotiations over stablecoin yield structures. Earlier drafts permitted non-bank crypto firms to pay interest-like rewards on stablecoin balances — a structure that JPMorgan Chase chief executive Jamie Dimon and other banking industry leaders opposed, arguing it would erode deposit retention at traditional banks. Negotiators including Senators Thom Tillis and Angela Alsobrooks reached a compromise with the White House that removed traditional banking terminology from token reward programs without banning yield mechanisms outright.

"We are closer to a functioning digital asset market structure than we have ever been. Now is not the time to flinch.", 02 June 2026.

— Sen. Cynthia Lummis, US Senator (R-WY) 

Bill targets a $2.43 trillion digital asset market with 13,967 tracked cryptocurrenciesThe legislation targets a global digital asset market with a combined capitalization of $2.43 trillion and 13,967 tracked cryptocurrencies as of 03 June 2026 (CoinPaprika, 03 June 2026). Supporters, including Senators Scott and Lummis, argue that without clear federal rules, digital asset development and the associated tax base migrate to other jurisdictions, weakening US competitiveness in financial technology.

Sixty-vote threshold and competing priorities leave floor vote timeline openThe bill requires 60 votes to overcome a Senate filibuster, meaning supporters must maintain a durable bipartisan coalition. Several Democratic senators continue to push for national security guardrails on decentralized finance (DeFi) protocols and ethics provisions that would bar senior government officials from holding or promoting digital assets. The CLARITY Act also competes for scheduling time against Department of Homeland Security appropriations disputes and Pentagon budget requests.

Senate leadership has not announced a floor debate date. If the Senate passes the bill, it would require reconciliation with the House version before going to the president for signature. No presidential position on the current bill text has been stated publicly.

Primary source: Senate Banking Committee press release — 14 May 2026 The Senate Banking Committee cleared the bill on 14 May 2026 with a 15-9 bipartisan vote, chaired by Senator Tim Scott (R-SC). The vote followed months of closed negotiations over stablecoin yield structures. Earlier drafts permitted non-bank crypto firms to pay interest-like rewards on stablecoin balances — a structure that JPMorgan Chase chief executive Jamie Dimon and other banking industry leaders opposed, arguing it would erode deposit retention at traditional banks. Negotiators including Senators Thom Tillis and Angela Alsobrooks reached a compromise with the White House that removed traditional banking terminology from token reward programs without banning yield mechanisms outright.

"We are closer to a functioning digital asset market structure than we have ever been. Now is not the time to flinch.", 02 June 2026.

— Sen. Cynthia Lummis, US Senator (R-WY) 

Bill targets a $2.43 trillion digital asset market with 13,967 tracked cryptocurrenciesThe legislation targets a global digital asset market with a combined capitalization of $2.43 trillion and 13,967 tracked cryptocurrencies as of 03 June 2026 (CoinPaprika, 03 June 2026). Supporters, including Senators Scott and Lummis, argue that without clear federal rules, digital asset development and the associated tax base migrate to other jurisdictions, weakening US competitiveness in financial technology.

Sixty-vote threshold and competing priorities leave floor vote timeline openThe bill requires 60 votes to overcome a Senate filibuster, meaning supporters must maintain a durable bipartisan coalition. Several Democratic senators continue to push for national security guardrails on decentralized finance (DeFi) protocols and ethics provisions that would bar senior government officials from holding or promoting digital assets. The CLARITY Act also competes for scheduling time against Department of Homeland Security appropriations disputes and Pentagon budget requests.

Senate leadership has not announced a floor debate date. If the Senate passes the bill, it would require reconciliation with the House version before going to the president for signature. No presidential position on the current bill text has been stated publicly.

Primary source: Senate Banking Committee press release — 14 May 2026 "We are closer to a functioning digital asset market structure than we have ever been. Now is not the time to flinch.", 02 June 2026.

— Sen. Cynthia Lummis, US Senator (R-WY) 

Bill targets a $2.43 trillion digital asset market with 13,967 tracked cryptocurrenciesThe legislation targets a global digital asset market with a combined capitalization of $2.43 trillion and 13,967 tracked cryptocurrencies as of 03 June 2026 (CoinPaprika, 03 June 2026). Supporters, including Senators Scott and Lummis, argue that without clear federal rules, digital asset development and the associated tax base migrate to other jurisdictions, weakening US competitiveness in financial technology.

Sixty-vote threshold and competing priorities leave floor vote timeline openThe bill requires 60 votes to overcome a Senate filibuster, meaning supporters must maintain a durable bipartisan coalition. Several Democratic senators continue to push for national security guardrails on decentralized finance (DeFi) protocols and ethics provisions that would bar senior government officials from holding or promoting digital assets. The CLARITY Act also competes for scheduling time against Department of Homeland Security appropriations disputes and Pentagon budget requests.

Senate leadership has not announced a floor debate date. If the Senate passes the bill, it would require reconciliation with the House version before going to the president for signature. No presidential position on the current bill text has been stated publicly.

Primary source: Senate Banking Committee press release — 14 May 2026 Bill targets a $2.43 trillion digital asset market with 13,967 tracked cryptocurrenciesThe legislation targets a global digital asset market with a combined capitalization of $2.43 trillion and 13,967 tracked cryptocurrencies as of 03 June 2026 (CoinPaprika, 03 June 2026). Supporters, including Senators Scott and Lummis, argue that without clear federal rules, digital asset development and the associated tax base migrate to other jurisdictions, weakening US competitiveness in financial technology.

Sixty-vote threshold and competing priorities leave floor vote timeline openThe bill requires 60 votes to overcome a Senate filibuster, meaning supporters must maintain a durable bipartisan coalition. Several Democratic senators continue to push for national security guardrails on decentralized finance (DeFi) protocols and ethics provisions that would bar senior government officials from holding or promoting digital assets. The CLARITY Act also competes for scheduling time against Department of Homeland Security appropriations disputes and Pentagon budget requests.

Senate leadership has not announced a floor debate date. If the Senate passes the bill, it would require reconciliation with the House version before going to the president for signature. No presidential position on the current bill text has been stated publicly.

Primary source: Senate Banking Committee press release — 14 May 2026 The legislation targets a global digital asset market with a combined capitalization of $2.43 trillion and 13,967 tracked cryptocurrencies as of 03 June 2026 (CoinPaprika, 03 June 2026). Supporters, including Senators Scott and Lummis, argue that without clear federal rules, digital asset development and the associated tax base migrate to other jurisdictions, weakening US competitiveness in financial technology.

Sixty-vote threshold and competing priorities leave floor vote timeline openThe bill requires 60 votes to overcome a Senate filibuster, meaning supporters must maintain a durable bipartisan coalition. Several Democratic senators continue to push for national security guardrails on decentralized finance (DeFi) protocols and ethics provisions that would bar senior government officials from holding or promoting digital assets. The CLARITY Act also competes for scheduling time against Department of Homeland Security appropriations disputes and Pentagon budget requests.

Senate leadership has not announced a floor debate date. If the Senate passes the bill, it would require reconciliation with the House version before going to the president for signature. No presidential position on the current bill text has been stated publicly.

Primary source: Senate Banking Committee press release — 14 May 2026 The bill requires 60 votes to overcome a Senate filibuster, meaning supporters must maintain a durable bipartisan coalition. Several Democratic senators continue to push for national security guardrails on decentralized finance (DeFi) protocols and ethics provisions that would bar senior government officials from holding or promoting digital assets. The CLARITY Act also competes for scheduling time against Department of Homeland Security appropriations disputes and Pentagon budget requests.

Senate leadership has not announced a floor debate date. If the Senate passes the bill, it would require reconciliation with the House version before going to the president for signature. No presidential position on the current bill text has been stated publicly.

Primary source: Senate Banking Committee press release — 14 May 2026 Senate leadership has not announced a floor debate date. If the Senate passes the bill, it would require reconciliation with the House version before going to the president for signature. No presidential position on the current bill text has been stated publicly.

Primary source: Senate Banking Committee press release — 14 May 2026 Primary source: Senate Banking Committee press release — 14 May 2026 Cryptocurrencies are highly volatile and involve significant risk. You may lose part or all of your investment. All information on Coinpaprika is provided for informational purposes only and does not constitute financial or investment advice. Always conduct your own research (DYOR) and consult a qualified financial advisor before making investment decisions. Coinpaprika is not liable for any losses resulting from the use of this information.