The Senate Banking Committee is scheduled to begin markup on the Digital Asset Market CLARITY Act at 10:30 AM ET on May 14, 2026, a 309-page bill that would create the first comprehensive U.S. crypto market structure framework.
Citi analysts have modeled a $15-25 billion ETF inflow scenario tied to passage, and the bill explicitly codifies Ethereum as a commodity, a legal classification that the industry has sought for years.
What happened
The Banking Committee released the full CLARITY Act draft on May 12, according to BanklessTimes. The bill assigns regulatory jurisdiction between the SEC and the CFTC based on whether a digital asset is classified as a security or a commodity, gives Ethereum commodity status, and creates a registration pathway for crypto exchanges. The May 14 markup at 10:30 AM ET is the first formal committee action on the legislation.
Why it matters
The CLARITY Act is the most significant U.S. crypto legislation attempt since the FTX collapse. A successful markup would move the bill toward a full Senate vote, removing years of regulatory uncertainty that has kept institutional capital on the sidelines. The ETH commodity designation alone resolves a legal overhang that has weighed on DeFi protocols and spot ETH ETF applications.
Market impact
Crypto markets have already started pricing the legislative calendar. Bitcoin and Ethereum both moved on the bill's draft release. Citi's $15-25 billion ETF inflow model represents fresh institutional demand that would need to be absorbed by existing spot ETF vehicles like IBIT. Coinbase and Robinhood also benefit directly as regulated exchanges that would operate under the new framework.
Key numbers
- CLARITY Act markup: scheduled 10:30 AM ET, May 14, 2026, Senate Banking Committee, per CCN and Disruption Banking.