Following approval in the Senate Banking Committee, everyone is waiting for the CLARITY Act (HR 3633)to advance to a full Senate vote.
The legislation was approved in the House of Representatives in 2025 but stalled in the Senate for many months as behind-the-scenes negotiations saw the crypto industry and legacy banks fight about the details. One of the biggest hurdles was the concept of stablecoin yield – good for consumers and other users, but feared by legacy banks as a threat to their bottom line, as they could be forced to provide higher interest rates to deposit holders.
Last month, on May 14th, the Senate Banking Committee approved the legislation, even as many Democrats sought to undermine or kill it. The Republican majority pushed the legislation over the line, and now the bill is poised for more negotiations before the Senate votes.
Yesterday, the legislation was listed on the Senate Legislative Calendar, meaning the bill is eligible for floor debate, but no date has been set yet; the bill could come up for debate later in June or early July. It is important that the CLARITY Act passes before the summer recess, otherwise it could stall.
The banking industry continues to finagle more changes to the bill as it fears greater competition. Last week, Jamie Dimon, CEO of JPMorgan, criticized the legislation, pointing to Coinbase as a leading voice in advancing it.
The Clarity Act is not just a crypto bill. It’s a decision about whether America leads the next financial system or watches from the sidelines.
— Senator Cynthia Lummis (@SenLummis) June 1, 2026
While legacy banks fear competition from digital asset platforms, the need to pass crypto market infrastructure legislation is vitally important. The future of finance is at hand, and the US is well-positioned to lead the global transformation. If the banks have their way, they will pump the brakes and delay inevitable change and improvements to capital markets and financial services in general.
Senator Cynthia Lummis says, “American capital markets became the envy of the world because we had clear rules and deep liquidity. We can do that again with digital assets.”
The Senator’s statement highlights the opportunity, yet detractors persist, typically raising unproven concerns that undermine beneficial innovation.
The legislation is not just about digital assets — it is a defining moment for the leadership in the future of global finance. The United States can choose either to lead with clear rules or to allow legacy banks to shield themselves from competition and cede a defining framework to more forward-looking nations.