Key Takeaways
- Recent HarrisX polling reveals 52% of 2,008 surveyed voters back the CLARITY Act, while just 11% stand against it
- 70% of respondents believe clear cryptocurrency regulations should have already been enacted by Congress
- Senate Banking Committee markup could occur as soon as May 14
- According to Coinbase VP Kara Calvert, passage requires a minimum of 60 Senate votes and cross-party collaboration
- Institutional adoption faces greater obstacles from complicated tax reporting requirements than from market structure concerns
Strong bipartisan voter sentiment is propelling the CLARITY Act toward a Senate committee vote, as fresh polling data reveals widespread public backing for the cryptocurrency market structure legislation.
According to a HarrisX poll involving 2,008 registered voters across the United States, the bill enjoys 52% approval, drawing support from Republicans, Democrats, and Independents alike. Opposition stands at merely 11%.
The polling data also uncovered that 70% of Americans think Congress has delayed too long in establishing comprehensive crypto regulations. Additionally, 62% expressed that American leadership in creating international digital finance standards is crucial.
Speaking at Miami’s Consensus 2026 conference, Kara Calvert, who serves as Vice President of US Policy at Coinbase, indicated the Senate Banking Committee may conduct a markup session as soon as the following week.
Crypto reporter Eleanor Terrett confirmed the committee intends to schedule the markup for a May 14 vote.
Calvert emphasized that securing passage demands no fewer than 60 Senate votes, making Democratic participation essential.
“That means you need Democrats. You need a bipartisan bill, and we have all been working really hard to make sure that bipartisanship holds,” she said.
Democratic Opposition Threatens Advancement
Despite enthusiastic public reception, the legislation hasn’t locked down complete bipartisan backing within the Senate Banking Committee itself. Chair Tim Scott has expressed his desire to move the bill forward with support from both parties, yet there’s a possibility that every Democratic committee member will oppose it.
Democratic Senator Kirsten Gillibrand has cautioned that the bill’s prospects for passage dim considerably without incorporating an ethics clause. Democrats are insisting on this addition to tackle concerns surrounding President Trump’s cryptocurrency business ventures.
Senator Elizabeth Warren, serving as a ranking member on the Senate Banking Committee, continues her opposition to the legislation.
The CLARITY bill encountered setbacks in January when Coinbase retracted its endorsement, expressing worries about protections for open source software, restrictions on stablecoin yield generation, and decentralized finance regulatory provisions.
Tax Complexity Hampers Institutional Entry
Calvert identified ambiguous tax policy as the primary obstacle preventing institutional cryptocurrency adoption, surpassing even market structure legislation in significance.
Current IRS regulations mandate that cryptocurrency platforms file 1099-DA forms for every transaction, regardless of size.
“We’re sending out millions of 1099-DA’s for things like $1 transactions — that makes zero sense,” Calvert said.
She expressed optimism that tax reform legislation could advance through Congress during 2026. She referenced the Digital Asset PARITY Act, brought forward by Representatives Max Miller and Steven Horsford this past March, as an illustration of potential reform measures.
Senator Cynthia Lummis responded to the polling results by stating that American voters have clearly signaled their desire for the nation to take the lead on digital asset policy.
Senator Bernie Moreno, who unseated crypto opponent Sherrod Brown in the 2024 election, anticipates President Trump may sign the CLARITY Act into law by Independence Day.
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