TLDR
- New HarrisX survey of 2,008 registered voters reveals 52% back the CLARITY Act, while just 11% are against it
- 70% believe lawmakers should have already enacted comprehensive crypto regulations
- Senate Banking Committee may conduct markup vote on May 14
- Coinbase’s VP Kara Calvert emphasizes the legislation requires a minimum of 60 Senate votes plus bipartisan cooperation
- Tax reporting complexities, rather than market structure frameworks, represent the primary obstacle to institutional crypto investment
The CLARITY Act, legislation designed to establish crypto market structure, is advancing toward a Senate vote following fresh polling data that reveals substantial cross-party voter approval.
According to a HarrisX poll surveying 2,008 registered voters across America, 52% endorse the legislation, drawing support from Republicans, Democrats, and Independent voters alike. Opposition stands at merely 11%.
The polling data additionally revealed that 70% of respondents think Congress has already delayed too long in establishing clear cryptocurrency regulations. A further 62% indicated they consider it critical for the United States to establish international standards for digital finance.
During her appearance at the Consensus 2026 conference in Miami, Kara Calvert, who serves as Vice President of US Policy at Coinbase, indicated she anticipates the Senate Banking Committee will conduct a markup session on the legislation as soon as next week.
Crypto reporter Eleanor Terrett has confirmed the committee intends to formally notice the markup session for a vote on May 14.
Calvert emphasized the legislation must secure at least 60 votes for Senate passage, 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.
Senate Support Still in Question
Despite widespread public backing, the legislation has yet to obtain complete bipartisan endorsement within the Senate Banking Committee. While Committee chair Tim Scott has expressed his desire to move the bill forward with cross-party cooperation, there’s a possibility all Democratic committee members will oppose it.
Democratic Senator Kirsten Gillibrand has cautioned that the bill faces long odds without incorporating an ethics provision. Democrats are advocating for this clause to respond to President Trump’s cryptocurrency business ventures.
Senator Elizabeth Warren, serving as a ranking member on the Senate Banking Committee, continues to stand against the legislation.
The CLARITY bill encountered setbacks in January when Coinbase retracted its endorsement, expressing reservations about protections for open source software, restrictions on stablecoin yield generation, and decentralized finance regulatory frameworks.
Tax Rules Remain a Hurdle for Institutions
Calvert noted that ambiguous tax regulations constitute the most significant obstacle to institutional cryptocurrency adoption, surpassing even market structure legislation in importance.
Current IRS regulations mandate that cryptocurrency exchanges file reports for every transaction via 1099-DA forms, regardless of transaction 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, which Representatives Max Miller and Steven Horsford introduced in March, as an illustration of potential reform measures.
Senator Cynthia Lummis responded to the polling results by stating that Americans have clearly communicated their desire for the nation to assume leadership on digital asset policy.
Senator Bernie Moreno, who defeated cryptocurrency opponent Sherrod Brown in the 2024 election, is confident that President Trump may sign the CLARITY Act into law by Independence Day.
