Viewer's Guide: What To Expect From Today's Clarity Act Vote in Senate Banking

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Viewer's Guide: What To Expect From Today's Clarity Act Vote in Senate Banking

TD Securities (USA) LLC POLICY NOTE

May 14, 2026

■WRG Crypto Currency Viewer's Guide: What To Expect From Today's

■WRG Financial Services

Clarity Act Vote in Senate Banking

Jaret Seiberg THE TD COWEN INSIGHT

202 868 5313

Viewer's Guide: This note previews what to expect today when the Senate Banking Committee

jaret.seiberg@tdsecurities.com

meets to vote on crypto market structure legislation. We expect the bill will pass the

committee, though how it is changed to address concerns from Democrats could determine

whether it will secure the 60 votes needed to pass the full Senate.

What Is Happening

Senate Banking convenes today to vote on the Clarity Act on crypto market structure.

When

The mark-up convenes at 10:30 AM.

How To Watch

The voting will broadcast here.

What To Expect

■We expect the committee will approve the bill. It is hard for us to see why Senate Banking

Chair Tim Scott would hold the vote if he was not confident it would pass.

■As we wrote Monday evening, committee approval does not mean the measure will pass

the full Senate. This is true even if Democrats back the bill in committee as they could vote

against the bill when it is before the full Senate if changes they want are not included.

How The Mark-Up Works

■Senators on the committee will have the opportunity to offer amendments.

■The most important amendment will be the manager's amendment, which is also known as

the amendment in the nature of a substitute. This amendment will represent Senate Banking

Chair Tim Scott's best effort to find a deal that can pass the committee.

■There are more than 130 amendments that have been submitted, though we expect only

some will be offered.