The US Senate Banking Committee has scheduled a markup hearing for the Digital Asset Market Clarity Act on Thursday, May 14. Galaxy Digital published an analysis of seven Democratic senators whose votes will determine whether the bill advances to the Senate floor. The markup represents the first major test for the top US crypto bill of 2026.
The Committee Vote: How the Numbers Work
The Senate Banking Committee has 24 members: 13 Republicans and 11 Democrats. For the CLARITY Act to clear markup and reach the Senate floor, it needs support from at least half the committee. Republicans hold the majority. But in the Senate chamber itself, the numbers look very different.
Kara Calvert, Coinbase's vice president of US policy, told attendees at the Consensus 2026 conference that the bill needs at least 60 Senate votes to pass into law. That means Democratic support is required even if the bill clears committee.
The CLARITY Act, formally known as the Digital Asset Market Clarity Act, was introduced in July 2025. In January 2026, Coinbase withdrew its backing over disagreements on legal protections and stablecoin yield rules. The legislative process stalled. After months of negotiations, the bill was revised and prepared for a new round of review.
The GENIUS Act, passed earlier by the Senate, established a regulatory framework for stablecoin issuers. The CLARITY Act goes further, covering a broader set of crypto market participants including decentralized platforms and custodial services. That wider scope is driving sharper disagreements among lawmakers.
Seven Votes Under the Microscope: Galaxy Digital's Breakdown
On Sunday, Galaxy Digital posted its own vote assessment on X, rating the seven Democratic senators on the Banking Committee. The firm divided them into three categories based on their predicted behavior at the markup. A positive committee vote sends the bill directly to the Senate floor.
- Ruben Gallego and Angela Alsobrooks were rated "constructive/pro-framework." Galaxy considers their support at markup most likely.
- Mark Warner, Catherine Cortez Masto, Andy Kim, and Raphael Warnock were labeled "deal-makers." All voted for the GENIUS Act and are pushing for stronger anti-money laundering protections.
- Lisa Blunt Rochester received a "mixed" rating. She backed the crypto framework in principle but voted against the GENIUS Act. Galaxy sees her as a potential swing vote.
Four senators are unlikely to be won over, Galaxy said. Jack Reed, Elizabeth Warren, Tina Smith, and Chris Van Hollen all voted against the GENIUS Act and have publicly criticized crypto legislation.
What CLARITY Act Would Change for the Market
If passed, the law would establish clear federal rules for the US digital asset market. Projects, exchanges, and custodial services would get defined regulatory boundaries where legal uncertainty and ad hoc SEC decisions currently dominate. That uncertainty is what many companies have cited for years when explaining why they build outside the US.
The latest version of the bill, released in early May, already sparked disputes. US banking groups argue that the language banning stablecoin yields leaves a wide loophole through "other forms of customer rewards." The crypto industry, for its part, considers some restrictions too restrictive.
US rules also shape conditions for crypto holders outside the country. International platforms calibrate their compliance frameworks around US regulation. If CLARITY Act passes in its current form, some of those frameworks will shift before the end of 2026. That applies to anyone holding Bitcoin or other digital assets through US-licensed platforms.
After clearing committee, the bill heads to a full Senate vote. There it again needs 60 votes, followed by House approval. The full process could take several months.
Bank of England: Global Standards Won't Happen Without the US
Bank of England Governor Andrew Bailey said international regulators will have to "wrestle" with the US administration to establish unified global stablecoin standards. Without international rules, he argued, stablecoins simply cannot function reliably across the global payment system. Bailey made the comments at a conference on Friday, according to Reuters.
The stablecoin market now exceeds $317 billion. USDT, the largest by market cap, is backed by US Treasury bills. Bailey, who chairs the Financial Stability Board, views the spread of dollar stablecoins as a potential risk for countries outside the US. The Trump administration, by contrast, is actively promoting stablecoins as a tool for extending dollar dominance abroad.
Bailey's specific concern is convertibility: many stablecoins are hard to redeem for cash without going through a crypto exchange. If during a period of stress holders outside the US rush to exit at once, countries with strict conversion rules would absorb the shock. "We know what would happen if there was a run on a stablecoin: they'd all turn up here," he said, referring to the UK.
Those words came three days before the markup in Washington. What the Banking Committee decides on May 14 will matter well beyond US borders.
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