Clarity Act, in the flesh, unveiled by U.S. Senate Banking Committee before hearing
Key takeaways
- Published May 12, 2026, 4:25 a.m. 4 min read Make preferred on Chairman Tim Scott's Senate Banking Committee unveiled the latest version of the crypto market structure bill known as the Clarity Act.
- Industry insiders waited for the release late into the night on Monday, and the text wasn't issued until the early minutes of Tuesday, and they'll still have to study the language to ensure their expectations were met.
- "This bill reflects serious, good-faith work across the committee and delivers the certainty, safeguards, and accountability Americans deserve," committee Chairman Tim Scott said in a statement.
Senate Banking Committee before hearing. The crypto market structure bill had already been making the industry rounds behind closed doors, but the lawmakers have released the text before their vote.By Jesse Hamilton|Edited by Nikhilesh De Updated May 12, 2026, 4:43 a.m. Published May 12, 2026, 4:25 a.m. 4 min read Make preferred on Chairman Tim Scott's Senate Banking Committee unveiled the latest version of the crypto market structure bill known as the Clarity Act. (Jesse Hamilton/CoinDesk)What to know: The latest version of the Clarity Act was released by the U.S. Senate Banking Committee, revealing the details of the crypto market structure plans moving through Congress.The text — set for a committee hearing this week — wasn't expected to include any big shocks, reflecting months of debate and negotiation over stablecoin yield and the handling of the decentralized finance sector.The legislation that could fully insert the U.S. crypto industry into the regulated financial system has emerged in its latest form, with the Senate Banking Committee unveiling the market structure bill's text just after midnight on Tuesday in advance of this week's hearing that's set to push the effort forward.
The latest version wasn't expected to offer many surprises for the crypto industry that's already had a chance to dig through it privately, but it includes still-contentious language on stablecoin yield and it maintains legal protections for decentralized finance (DeFi) developers, keeping that corner of the crypto sector happy (so far). Industry insiders waited for the release late into the night on Monday, and the text wasn't issued until the early minutes of Tuesday, and they'll still have to study the language to ensure their expectations were met.
"This bill reflects serious, good-faith work across the committee and delivers the certainty, safeguards, and accountability Americans deserve," committee Chairman Tim Scott said in a statement. "It puts consumers first, combats illicit finance, cracks down on criminals and foreign adversaries, and keeps the future of finance here in the United States."