TLDR
- New HarrisX polling data reveals 52% of 2,008 registered voters back the CLARITY Act, while just 11% stand against it
- 70% of those surveyed believe Congress has already delayed too long in establishing clear cryptocurrency regulations
- May 14 is the potential date for a Senate Banking Committee markup vote
- Coinbase’s VP of US Policy Kara Calvert emphasizes the legislation requires a minimum of 60 Senate votes along with cross-party cooperation
- Institutional adoption faces its greatest obstacle in complicated tax compliance requirements rather than market structure concerns
A cryptocurrency market structure proposal known as the CLARITY Act is advancing toward a critical Senate decision following fresh polling data that demonstrates significant voter backing regardless of political affiliation.
Recent HarrisX research covering 2,008 registered American voters revealed that 52% endorse the proposed legislation, drawing support from across the political spectrum including Republicans, Democrats, and Independents. Opposition remains minimal at just 11%.
The polling data additionally uncovered that 70% of respondents feel congressional action on comprehensive crypto policy is overdue. A further 62% indicated that American leadership in establishing worldwide digital finance standards is a priority.
At the Consensus 2026 conference held in Miami, Kara Calvert, who serves as Vice President of US Policy at Coinbase, indicated her anticipation that the Senate Banking Committee will conduct a markup session for the legislation as soon as the following week.
Crypto reporter Eleanor Terrett has confirmed the committee intends to announce the markup scheduled for a May 14 vote.
Calvert stressed that passage in the Senate demands at least 60 affirmative votes, necessitating Democratic participation.
“That means you need Democrats. You need a bipartisan bill, and we have all been working really hard to make sure that bipartisanship holds,” she said.
Senate Support Still in Question
While public opinion trends favorably, the proposed legislation has yet to obtain complete cross-party backing within the Senate Banking Committee itself. Committee chairman Tim Scott has expressed his intention to move the bill forward with support from both parties, though there’s a possibility all Democratic committee members will oppose it.
Democratic Senator Kirsten Gillibrand has cautioned that passage appears improbable without incorporating an ethics component. Democratic lawmakers are advocating for this addition to tackle concerns surrounding President Trump’s cryptocurrency-related commercial activities.
Senator Elizabeth Warren, holding a senior position on the Senate Banking Committee, continues her opposition to the proposed law.
The CLARITY bill experienced a setback this past January when Coinbase retracted its endorsement, expressing reservations about protections for open source software, restrictions on stablecoin yield offerings, and decentralized finance regulatory frameworks.
Tax Rules Remain a Hurdle for Institutions
Calvert identified ambiguous tax policy as the primary impediment preventing institutional cryptocurrency adoption, surpassing even market structure legislation in importance.
Current IRS regulations mandate that cryptocurrency platforms report each transaction via 1099-DA forms, regardless of transaction size.
“We’re sending out millions of 1099-DA’s for things like $1 transactions — that makes zero sense,” Calvert said.
She expressed optimism that tax policy revisions could progress through Congress during 2026. She referenced the Digital Asset PARITY Act, brought forward by Representatives Max Miller and Steven Horsford this past March, as an illustration of potential reform legislation.
Senator Cynthia Lummis responded to the survey findings, asserting that American citizens have clearly communicated their desire for the United States to assume a leadership role regarding digital assets.
Senator Bernie Moreno, who won his seat by defeating cryptocurrency opponent Sherrod Brown in 2024, maintains optimism that President Trump may enact the CLARITY Act into law by Independence Day.
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