The Senate Banking Committee advanced the CLARITY Act, a long‑stalled bill that would establish the first comprehensive U.S. regulatory framework for cryptocurrencies. [1] In a 15‑9 bipartisan vote on May 14, 2026, all Republicans on the panel were joined by Arizona Democrat Ruben Gallego and Maryland Democrat Angela Alsobrooks, sending the legislation to the full Senate. The bill aims to settle a years‑long turf war between the SEC and CFTC by classifying most crypto tokens as “digital commodities” regulated by the CFTC, while a smaller subset of “digital securities” would remain under SEC oversight. It would also require crypto exchanges to follow the same anti‑money laundering rules as banks.
A long‑running fight over stablecoin rewards was resolved earlier this month with a compromise that allows issuers like Circle to pay holders transaction‑based rewards but with restrictions to prevent them from serving as bank‑deposit substitutes. [2] Crypto‑exposed stocks surged on the news: Coinbase rose roughly 9%, Strategy jumped 8%, and Robinhood and Galaxy Digital both gained 6%. The bill now faces a full Senate vote, where it will need at least 60 votes to overcome procedural hurdles.