Coinbase CEO Brian Armstrong is set to address Senate GOP lawmakers at a steering lunch on Wednesday, May 14, in a high-profile push to rally Republican support for the CLARITY Act. The appearance comes as the Senate Banking Committee released a 309-page substitute text of the bill on May 12, scheduling a markup for the same day at 10:30 a.m.
In a live stream on X on May 12, Armstrong defended the compromise on stablecoin yields, insisting that the legislation preserved the industry's core priorities. "Not everyone got everything they wanted, but they got the must-haves," Armstrong said, adding that Coinbase is already working with at least five major global banks on crypto integration. The bill seeks to clarify which digital assets fall under SEC oversight and which are regulated by the CFTC—a long-standing demand from the U.S. crypto sector.
Despite the progress, five major banking groups—including the American Bankers Association and the Bank Policy Institute—jointly rejected the stablecoin yield deal. They argued that Section 404 of the bill still allows yield-like rewards that could compete with bank deposits, potentially reducing consumer and business lending. Senator Thom Tillis, one of the compromise architects, warned that some traditional finance factions may oppose any version of the CLARITY Act and are using the yield debate to stall the bill entirely. Senator Cynthia Lummis called the finalized text "the culmination of months of hard work."
The CLARITY Act already passed the House by a wide 294–134 margin in July 2025 and cleared the Senate Agriculture Committee in January 2026. The Banking Committee markup is the next required step before a full Senate floor vote, which needs 60 votes to advance. Senators Lummis and Bernie Moreno have cautioned that missing the Memorial Day recess window could push the legislation off the calendar entirely. Prediction markets currently price the bill's odds of becoming law in 2026 at over 60%, with the White House targeting a July 4 signing.
