The manager’s amendment is the basis for Thursday’s markup, includes the Tillis-Alsobrooks stablecoin compromise, and adds new sections on insider trading and the “Build Now Act.”
Posted May 12, 2026 at 5:27 am EST.
The U.S. Senate Banking Committee unveiled the latest text of the Digital Asset Market CLARITY Act just after midnight Tuesday, putting the manager’s amendment in public view 48 hours before the committee’s scheduled markup on Thursday, May 14, at 10:30 a.m. ET.
Chairman Tim Scott (R-SC), Subcommittee on Digital Assets Chair Cynthia Lummis (R-WY), and Senator Thom Tillis (R-NC) jointly released the bill text along with a section-by-section summary. “Over the past year, we have listened, negotiated, and strengthened this bill,” Scott said in a statement. Lummis called the text “nearly a year of bipartisan, blood, sweat, and tears” that brings the industry “one step closer to the clarity it deserves.”
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Galaxy head of firmwide research Alex Thorne posted a preliminary section-by-section read shortly after the text dropped. His list of notable changes from the January draft includes: substantial rewrites in Title I covering definitions and SEC authorities (Sections 102, 104, and 108); a new Section 109 on insider trading; updated Title II definitions, with “common control” replaced by “coordinated control”; rewrites to Section 301 enumerating the line between DeFi and CeFi; updated Section 404 incorporating the Tillis-Alsobrooks stablecoin yield compromise; a narrowed Section 505 on SEC tokenization authority; reworked Sections 701 and 702 covering bankruptcy and insolvency; and a new Section 904 titled the “Build Now Act.”
Thorne also noted that developer protections under Section 604, drawn from the Blockchain Regulatory Certainty Act, remain largely intact. He said deeper analysis would follow.
Coinbase CEO Brian Armstrong held a live event on X in which he said, “Not everyone got everything they wanted, but they got the must-haves,” adding that Coinbase is working with at least five of the largest global banks and wants the integration to be “win-win.”
The DeFi Education Fund said in a statement that “the most important provisions for developers and infrastructure providers — the BRCA and protections under the Exchange Act — are in this bill” and that the group would track amendments this week.
The political tension cuts both ways. Ranking Member Elizabeth Warren (D-MA) released a critical comment alongside the unveiling, signaling that ethics provisions barring senior officials from profiting off crypto remain a priority for Senate Democrats. The conflict-of-interest section is not under the Banking Committee’s jurisdiction, meaning it would have to be added later. On the other side, the American Bankers Association, Bank Policy Institute, and Independent Community Bankers of America sent a joint letter Friday formally rejecting the stablecoin yield compromise, and have continued pushing for tighter language ahead of the vote.
The White House is targeting a July 4 signing. Senator Kirsten Gillibrand has predicted the first week of August. Industry experts are still digging through the text.
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