The CLARITY Act, a comprehensive crypto market structure bill, could advance to a markup session in the U.S. Senate Banking Committee as early as next week, according to Kara Calvert, vice president of U.S. policy at Coinbase. Speaking at the Consensus 2026 conference in Miami, Calvert told attendees that the legislation now faces a critical test of bipartisan support.
Bipartisan support needed for Senate passage
Calvert emphasized that the bill needs at least 60 votes to pass the Senate, which requires Democratic support. “That means you need Democrats. You need a bipartisan bill, and we have all been working really hard to make sure that bipartisanship holds,” she said. “I think the big question is, how do these votes shape up over the next few days?”
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The CLARITY Act stalled in January after Coinbase withdrew its support, citing concerns over legal protections for open-source software developers, a prohibition on stablecoin yield, and decentralized finance regulations. Since then, negotiations have continued among industry stakeholders, banking groups, and lawmakers.
New poll shows strong voter demand for crypto rules
A HarrisX survey released Thursday indicates broad-based public demand for federal crypto legislation. According to the poll, 70% of voters believe the U.S. should have already passed clear cryptocurrency rules, and 62% say it is important for the U.S. to set global standards for digital finance. The data suggests bipartisan voter support, which may influence undecided senators.
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Tax policy remains a key barrier for institutions
Calvert noted that while market structure legislation is important, tax policy is the primary obstacle to institutional crypto adoption. Many institutions want to buy, hold, or trade digital assets but are burdened by compliance requirements under current IRS rules. Exchanges must issue 1099-DA forms for every transaction, including microtransactions as small as $1. “That makes zero sense,” Calvert said.
She expressed optimism that tax reform legislation could advance through Congress in 2026, citing proposals such as the Digital Asset PARITY Act introduced by Representatives Max Miller and Steven Horsford in March. “I think that we will see action in the Senate. I think we will see legislation, probably in the next month or two, in the House,” she added.
Conclusion
The CLARITY Act’s potential markup next week marks a key moment for U.S. crypto regulation. With strong voter support and ongoing negotiations, the bill’s fate will depend on whether bipartisan compromises can be reached on key provisions. Separately, tax reform efforts may gain momentum later this year, addressing another major hurdle for institutional participation in digital asset markets.
FAQs
Q1: What is the CLARITY Act?
The CLARITY Act is a proposed U.S. federal law that would establish a regulatory framework for digital assets, including market structure rules, consumer protections, and definitions for securities and commodities.
Q2: Why did Coinbase withdraw support for the bill in January?
Coinbase cited concerns about insufficient legal protections for open-source software developers, a ban on stablecoin yield, and overly broad DeFi regulations as reasons for withdrawing support.
Q3: How does the CLARITY Act affect crypto investors?
If passed, the bill would provide clearer federal rules for trading, custody, and taxation of digital assets, potentially reducing legal uncertainty for retail and institutional investors.
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