The U.S. Senate Banking Committee has publicly released the full 309-page text of the Digital Asset Market Clarity (CLARITY) Act, setting the stage for a critical markup session scheduled for Thursday, May 14, 2026. The long-awaited bill represents the most comprehensive attempt yet to establish a federal framework for cryptocurrency regulation in the United States.

Key Provisions in the Released Text

The manager’s amendment, released late on May 12, includes several landmark elements:

• Clear Regulatory Jurisdiction: Defines a division of authority between the CFTC (for digital commodities like Bitcoin and Ethereum once they reach “mature blockchain” status) and the SEC (for assets that remain securities).
• Stablecoin Framework: Incorporates the previously negotiated compromise on yields — restricting passive, bank-like interest while allowing activity-based rewards tied to usage and transactions. Issuers must maintain 1:1 reserves in high-quality liquid assets.
• Market Structure Reforms: Introduces protections for developers, clearer rules for secondary market trading, risk management standards for intermediaries, and provisions addressing decentralized finance (DeFi).
• Consumer and Market Safeguards: Enhanced disclosure requirements, anti-fraud measures, and a study on digital asset mixers and tumblers.

The bill also includes the Anti-CBDC Surveillance State Act component, prohibiting the Federal Reserve from offering certain products directly to individuals and restricting central bank digital currency use for monetary policy.

Path Forward and Challenges

Chairman Tim Scott (R-SC), Senator Cynthia Lummis (R-WY), and Senator Thom Tillis (R-NC) led the release of the updated text alongside a detailed section-by-section summary. More than 100 amendments have already been filed ahead of the markup, signaling intense negotiations in the final stretch.

While the bill enjoys strong bipartisan momentum and broad industry support, it faces pushback from banking lobbies concerned about stablecoin competition and from some Democrats, including Sen. Elizabeth Warren, who are seeking stronger ethics rules and consumer protections.

Industry and Market Implications

Passage of the CLARITY Act would significantly reduce regulatory uncertainty that has weighed on U.S. crypto innovation for years. Industry leaders view it as a catalyst for greater institutional adoption, increased capital inflows, and a more competitive U.S. position in global digital finance.

Crypto stocks reacted modestly to the bill text release, while Bitcoin held near the $80,000–$81,000 range amid broader macro pressures.

Outlook

Thursday’s markup is not the final step — the bill would still require full Senate approval, potential reconciliation with other versions, and House concurrence. However, its advancement would mark a historic milestone for U.S. crypto policy.

With the full 309-page text now public, stakeholders across the industry, traditional finance, and regulatory bodies will be scrutinizing every provision closely as the legislative clock ticks forward. The coming days could prove decisive for the future of digital assets in America.