Stand With Crypto Urges Senate to Pass CLARITY Act

The Senate Banking Committee advanced H.R. 3633 on May 26 by a 15-9 vote, moving the CLARITY Act to the full Senate. The bill is intended to set federal rules for digital assets and to assign roles for market regulators.

The substitute text approved by the committee covers illicit finance, decentralized finance (DeFi), tokenization standards, developer protections, customer property rules, bankruptcy safeguards and limits tied to stablecoin yield. Lawmakers and industry participants built the language to address a range of compliance and market-structure issues.

The legislation lays out which federal regulators would oversee different aspects of the market and seeks to clarify whether particular tokens should be treated as commodities, securities or another category under federal law.

Stand With Crypto, an advocacy group that mobilizes crypto users on U.S. policy, urged followers to contact their senators. The group posted: “Call your senators NOW and tell them to vote YES on Clarity.” It added: “But the fight isn’t over. The full Senate still needs to vote YES.”

Banks, crypto firms and some lawmakers pushed for clearer limits on stablecoin rewards, custody rules and DeFi activity, and parts of those requests appear in the substitute text. Some lawmakers and consumer advocates questioned whether the bill provides sufficient investor protections while creating compliance paths for firms.

One industry analysis noted that if the Senate version adds new provisions on stablecoin yield, DeFi or ethics language, the measure could require further House approval before reaching the president.

H.R. 3633 must win a full Senate vote, reconcile any differences with the House and receive the president’s signature to become law. Supporters view the bill as a framework to reduce legal uncertainty for developers and businesses and to encourage blockchain activity in the United States.