Senate Banking Committee to Debate Landmark CLARITY Act on May 14
The Senate Banking Committee is set to review the CLARITY Act on May 14 in a key session. This proposed law seeks to clarify which financial regulator—the SEC or the CFTC—oversees different parts of the digital asset market. The meeting follows months of debate and a strong bipartisan vote in the House last year. The House of Representatives passed the CLARITY Act (H.R. 3633) on July 17, 2025, with a 294-134 majority. The bill aims to split oversight: the SEC would keep control of investment contracts and primary offerings, while the CFTC would regulate spot markets for digital commodities.
Lobbying from major banks has intensified as the Senate vote nears. SEC Chair Paul Atkins recently pushed Congress to move the bill forward, arguing it would bring much-needed clarity to the industry. Meanwhile, some Democrats have called for stricter ethics rules around crypto holdings by public officials.
The committee’s executive session will begin at 10:30 a.m. in Room 538 of the Dirksen Senate Office Building. Lawmakers will discuss possible amendments before deciding whether to advance the legislation. If approved by the committee, the CLARITY Act would head to a full Senate vote. The law would redefine regulatory roles for digital assets, shifting some authority from the SEC to the CFTC. Banks, regulators, and lawmakers are all watching closely as the process unfolds.
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