Tim Scott said the Senate Banking Committee is nearing consensus and working toward a bipartisan CLARITY Act markup in May, setting the most concrete timeline commitment yet on the long-delayed legislation.
Summary
- Senate Banking Committee Chair Tim Scott said his panel is working toward a bipartisan CLARITY Act markup in May, the firmest timeline commitment yet from the committee chair on the bill.
- Coinbase CEO Brian Armstrong responded publicly with “Mark it up,” and Circle urged the committee to act without further delay.
- Congress breaks for Memorial Day recess on May 21, leaving fewer than four weeks of effective legislative time to advance the bill.
Senate Banking Committee Chair Tim Scott said his panel is “nearing consensus” and working toward a bipartisan CLARITY Act markup in May. The statement is the most concrete timeline commitment yet from the committee chair on the bill, which has missed two previous markup deadlines in 2026.
The news drew an immediate industry response. Coinbase CEO Brian Armstrong posted “Mark it up” on social media, while Circle urged the Banking Committee to move without further delay.
More than 120 crypto organizations have already submitted a joint letter demanding immediate action on the bill, led by the Crypto Council for Innovation and the Blockchain Association.
The CLARITY Act passed the House 294 to 134 in July 2025 and cleared the Senate Agriculture Committee in January 2026. It still requires a Banking Committee markup, a 60-vote Senate floor threshold, reconciliation with the Agriculture Committee version, reconciliation with the House text, and a presidential signature before becoming law.
As crypto.news documented, Congress breaks for Memorial Day recess on May 21, leaving fewer than four weeks of effective legislative time. Senators Cynthia Lummis and Bernie Moreno have both warned that failure before that deadline pushes the next opportunity to 2030.
The Senate Banking Committee is targeting the week of May 11 for the markup, with Chair Tim Scott still working to resolve a holdout from Senator John Kennedy before proceeding.