Senate Banking Panel Sets Deadline for Clarity Act Amendments Before Markup

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Senate Banking members have until close of business tomorrow to file amendments.
The 309-page Clarity Act draft is set for Thursday’s markup session.
The draft covers network tokens, staking, validators, and governance.
Stablecoin yield is barred, with carve outs for several reward models.
The markup could shape how US digital asset markets are regulated.

The Senate Banking Committee has released a 309-page draft of the Clarity Act, setting a close of business deadline tomorrow for amendments before Thursday’s markup. The draft places digital asset rules into formal legislative text, and it covers decentralized governance, network tokens, validator activity, staking systems, and programmatic distributions across United States crypto markets.

Committee Sets Amendment Deadline

The Senate Banking, Housing, and Urban Affairs Committee has moved the Clarity Act into a key stage. Committee members now have until close of business tomorrow to submit amendments.

The bill is scheduled for a Thursday markup. During markup, lawmakers review the text, debate changes, and vote on possible revisions. This process can decide which provisions remain in the bill. The draft has been under work since January, according to the details released.

🚨JUST IN: The Senate Banking Committee has released the new 309-page draft of the Clarity Act it’s been working on since January.
Committee members now have until close of business tomorrow to file amendments ahead of Thursday’s markup. pic.twitter.com/kL3IXSOdSK
— Eleanor Terrett (@EleanorTerrett) May 12, 2026

Its 309 pages show a broad attempt to define digital asset activity under federal law. The measure is being watched by crypto firms, exchanges, investors, and financial institutions. Many market participants want clearer rules for tokens, trading, custody, and related services.

Draft Covers Digital Asset Definitions

The Clarity Act draft seeks to define several areas of crypto market structure. These include decentralized governance, network tokens, validator activity, staking systems, and programmatic distributions. The text is also expected to address when digital assets fall outside securities rules. That issue has been central to many disputes between regulators and crypto firms. The draft includes language on stablecoins as well.

According to the provided details, it bars yield on stablecoins but includes carve outs for certain activities. Those carve outs include payments innovation, loyalty programs, staking related incentives, and transactional rewards. The exact scope of each carve out will likely draw close review.

Definitions will be central to the debate. Small changes can affect exchanges, token issuers, custodians, validators, and software providers. Transition periods may also matter. They can decide how much time firms get to meet new rules after a bill becomes law.

Markup May Shape US Crypto Rules

Thursday’s markup will give committee members a chance to revise the draft before it moves further. Amendments may target definitions, exemptions, oversight powers, and compliance timelines. The bill arrives as Washington continues to debate how digital assets should fit into financial law. Lawmakers are seeking rules for market activity, while regulators focus on investor and consumer protection.

The draft could affect how agencies divide authority over crypto assets. It could also decide which activities remain under securities rules and which follow other frameworks. The process does not make the bill final. It must still clear committee action, receive broader Senate support, and move through the wider legislative process.

Still, the amendment deadline marks a clear step in the Senate’s work on crypto legislation. The panel now has draft text, a filing window, and a scheduled markup. For the digital asset sector, the next stage will center on exact wording. The rules may turn on definitions, carve outs, transition periods, and agency authority.