The CLARITY Act is a proposed U.S. law that aims to finally“sort out the rules” for crypto in one place, instead of leaving companies andinvestors guessing which old financial rules apply. But the big question remains whether the crypto industry,which views it as a path to better regulation, and the banking sector, whichperceives it as a threat to financial stability, will find common ground.Singapore Summit: Meet the largest APAC brokers you know (and those you still don't!).The legislation is expected to spell out when acoin or token is treated more like a stock and when it is treated more like acommodity, and then tell you which regulator is in charge in each case.Right now, the bill is moving through the U.S. Senate buthas not been approved yet, so nothing has changed in practice. A key Senate committee is about to hold a detailed reviewand vote, and only if the bill passes the full Senate, gets aligned with theHouse version, and is then signed by President Trump will it actually becomelaw.Voices from Wall Street to Web3 on the Clarity ActCoinbase CEO Brian Armstrong is firmly behind the latestversion of the CLARITY Act, arguing that after key revisions it now offers theclear, comprehensive rules the crypto industry has long sought. He says thebill will modernize America’s financial plumbing by making payments and marketinfrastructure faster, cheaper and more accessible, while anchoring innovationin the United States rather than overseas.“The bill is strong. It will benefit the American people bymaking the US financial system faster, cheaper and more accessible. It willalso ensure that the US leads in the global race to build the next generationof our financial system.”CLARITY is closer than ever.The bill is strong. It will benefit the American people by making the US financial system faster, cheaper and more accessible. It will also ensure that the US leads in the global race to build the next generation of our financial system.Huge thank… pic.twitter.com/mt8lkJ4W3v— Brian Armstrong (@brian_armstrong) May 13, 2026Another industry heavyweight Brad Garlinghouse has used X topresent the Clarity Act as a way to protect consumers and bring order to UScrypto rules. He has said the fight over the bill is really about what bestserves ordinary Americans, and he has pushed back against moves to slow it downin the Senate. Earlier this year, he called the Scott-backed Senateproposal a big step forward, arguing that clear rules are better than confusionand that crypto will benefit if the bill passes, while adding that lawmakerscan sort out the remaining disagreements during the markup stage.You may also like: There Are Many Obstacles Behind the CLARITY Act Delay, but Stablecoin Yield Is Not One“While long-overdue, this move by @SenatorTimScott and @BankingGOPonmarket structure is a massive step forward in providing workable frameworks forcrypto, while continuing to protect consumers. Ripple (and I) know firsthandthat clarity beats chaos, and this bill’s success is crypto’s success.”While long-overdue, this move by @SenatorTimScott and @BankingGOP on market structure is a massive step forward in providing workable frameworks for crypto, while continuing to protect consumers. Ripple (and I) know firsthand that clarity beats chaos, and this bill’s success is… https://t.co/EWcml1NpBE— Brad Garlinghouse (@bgarlinghouse) January 14, 2026From Capitol Hill: Why Crypto Needs Clear GuardrailsIn the political class, Senator Tim Scott, a key Republicanvoice on financial regulation and digital asset policy, emphasized the need fora clearer regulatory framework for cryptocurrencies, arguing that households,entrepreneurs, and market participants require well-defined rules to operateconfidently.He pointed to the Senate’s version of the CLARITY Act as astep toward establishing legal certainty, enhancing investor protections, andreinforcing oversight, while also supporting broader economic participation andaddressing national security considerations tied to the digital assetecosystem.“Families, small businesses, investors, and innovatorsdeserve clear rules of the road for digital assets. The Senate’s version of theCLARITY Act delivers certainty, safeguards, and accountability, whileprotecting Main Street, strengthening national security, and keeping.But not everyone is happy. A high-stakes clash over thefuture of digital dollars is unfolding in Washington, as banks ramp up pressureon lawmakers just days before a crucial vote that could reshape how money movesacross the US financial system.Banks Push for Tighter RulesThe American Bankers Association has stepped up its campaignagainst parts of the Digital Asset Market Clarity Act, urging senators toimpose stricter limits on stablecoins. The group warned that the latest draftstill allows crypto firms to offer rewards that resemble interest, which couldattract funds away from traditional bank deposits.Keep reading: What Is the CLARITY Act? The US Crypto Bill That Could Reshape Digital Asset Regulation This WeekAmerican BankersAssociation CEO Rob Nichols has called on U.S. bank chiefs to push back againstthe CLARITY Act’s stablecoin yield provisions ahead of Thursday’s Senatemarkup. “The currentversion of the legislation, although improved from an earlier version, stilldoes not adequately prevent crypto companies from offering interest-likerewards on payment stablecoins. Without additional charges, we believe the currentproposal would unnecessarily incentivize the fight of bank deposits intopayment stablecoins, putting both economic growth and financial stability atrisk,” the letter read in part.BANKING LOBBY MOUNTS SUNDAY BLITZ TO KILL CLARITY ACT STABLECOIN COMPROMISEAmerican Bankers Association CEO Rob Nichols (@BankersPrez) emailed every member bank CEO in the country on Mother's Day, urging "immediate engagement" against the CLARITY Act's stablecoin yield… pic.twitter.com/6uoQ26pct8— BSCN (@BSCNews) May 11, 2026Senator Bernie Moreno says the “banking cartel is in fullpanic mode” over the crypto-focused Clarity Act, accusing big banks of treatingcustomer deposits like a “personal piggy bank” for years while returning littleto savers and profiting from loans and bonuses.The CLARITY Actis scheduled for a key Senate Banking Committee markup and vote on May 14,2026, at 10:30 a.m. EST, but a date for a full Senate floor vote has not yetbeen formally set, with lawmakers only signaling that they hope to move itsometime later in the summer.This article was written by Jared Kirui at www.financemagnates.com.